Federal Reserve Bulletin, 1930-09
FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 ISSUED BY THE FEDERAL RESERVE BOARD AT WASHINGTON Recent Developments in Banking and Business State Laws Relating to Banking Reserves Annual Reports of Central Banks—Rumania, Bulgaria, and Estonia UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON : 1930 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD Ex officio members: — , Governor. A. W. MELLON, EDMUND PLATT, Vice Governor. Secretary of the Treasury, Chairman. ADOLPH C. MILLER. CHARLES S. HAMLIN. J. W. POLE, GEORGE R. JAMES. Comptroller of the Currency. EDWARD H. CUNNINGHAM. WALTER L. EDDY, Secretary. WALTER WYATT, General Counsel. E. M. MCCLELLAND, Assistant Secretary. E. A. GOLDENWEISER, Director, Division of Research J. C. NOELL, Assistant Secretary. and Statistics. W. M. I ML AY, Fiscal Agent. CARL E. PARRY, Assistant Director, Division of Research and Statistics. Chief, Division of Examination, and Chief Federal Reserve Examiner. E. L. SMEAD, Chief, Division of Bank Operations. FEDERAL ADVISORY COUNCIL District No. 1 (BOSTON) HERBERT K. HALLETT. District No. 2 (NEW YORK) WM. C. POTTER. District No. 3 (PHILADELPHIA) HOWARD A. LOEB. District No. 4 (CLEVELAND) HARRIS CREECH. District No. 5 (RICHMOND) JOHN POOLE. District No. 6 (ATLANTA) J. P. BUTLER, Jr. District No. 7 (CHICAGO) District No. 8 (ST. LOUIS) W. W. SMITH. District No. 9 (MINNEAPOLIS) GEO. H. PRINCE. District No. 10 (KANSAS CITY) W. S. MCLUCAS. District No. 11 (DALLAS) B. A. MCKINNEY, Vice President. District No. 12 (SAN FRANCISCO) _ F. L. LIPMAN. WALTER LICHTENSTEIN, Secretary. n Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman Governor Deputy governor Cashier Boston . __ Frederic n. Curtiss Roy A. Young.... W. w. Paddock W. Willeti. New York J. H Case Geo. L. Harrison. W. R. Burgess C. H. Coe.i J. E. Crane.. Ray M. Gidney.i A. W. Gilbart J. W. Jones.i E. R. Kenzel W. B. Matteson.i Walter S. Logan J. M. Rice.i L. R. Rounds Allan SprouU L. F. Sailer Philadelphia R. L. Austin... Geo. W. Norris._. Wm. II. Hutt C. A. Mcllhenny. W. G. McCreedy.' Cleveland George DeCamp E. R. Fancher M. J. Fleming H. F. Strater. Frank J. Zurlinden.. Richmond Wm. W. Hoxton George J. Seay C. A. Peple.. Geo. H. Keesee. R. H. Broaddus John S. Walden, jr.* Atlanta Oscar Newton Eugene R. Black.. Hugh Foster M. WT. Bell. Creed Taylor Chicago Wm. A. Heath J. B. McDougal... i C. R. McKay W. C. Baehman.* John 11. Blair K. C. Childs.» j. H. Dillard.* D. A. Jones.« 0. J. Netterstrom. St. Louis John S. Wood Wm. McC. Martin 0. M. Attebery. S. F. Gilmore.* A. H. HailU F. N. Hall.* G. 0. Hollocher.i C. A. Pchacht." Minneapolis | John R. Mitchell W. B. Geery Harry Yaeger H. I. Ziemer. H. I. Ziemer Frank C. Dunlop.* Kansas City M. L. McClure W. J. Bailey C. A. Worthington. J. W. Helm. J. W. Helm Dallas i C. C. Walsh Lynn P. Talley. R. R. Gilbert Fred Harris. R. B. Coleman W. O. Ford.* San Francisco ! Isaac B. Newton Jno. U. Calkins. Wm. A. Day Wm. M. Hale. Ira Clerk » Assistant deputy governor. * Controller. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal R&^erve Bank of— Managing director New York: Minneapolis: ! Buffalo branch R. M. O'Hara. Helena branch ; R. E. Towle. Cleveland: Kansas City: I Cincinnati branch C. F. McCombs. Omaha branch _ j L. H. Earhart. Pittsburgh branch J. C. Nevin. Denver branch J. E. Olson. Richmond: Oklahoma City branch ' C. E. Daniel. Baltimore branch A. II. Dudley. Dallas: ! Charlotte branch Hugh Leach. El Paso branch I J. L. Hermann. Atlanta: Houston branch W. D. Gentry. New Orleans branch Marcus Walker. San Antonio branch ' M. Crump. Jacksonville branch W. S. McLarin, jr. San Francisco: j Birmingham branch A. E. Walker. Los Angeles branch W. N. Ambrose. Nash ville branch J. B. Fort, jr. Portland branch _ R. B. West. Chicago: Salt Lake City branch.. W. L. Partner. Detroit branch W. R. Cation. Seattle branch C. R. Shaw. St. Louis: Spokane branch D. L. Davis. Louisville branch W. P. Kincheloe. Memphis branch Wr. H. Glasgow. Little Rock branch A. F. Bailey. SUBSCRIPTION PRICE OF BULLETIN The FEDERAL RESERVE BULLETIN is the board's medium of communication with member banks of the Federal reserve system and is the only official organ or periodical publication of the board. The BULLETIN will be sent to all member banks without charge. To others the subscription price, which covers the cost of paper and printing, is-$2. Single copies will be sold at 20 cents. Outside of the United States, Canada, Mexico, and the insular possessions, $2.60; single copies, 25 cents. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
TABLE OF CONTENTS Page Review of the month—Recent developments in banking and business 533 Banking situation—Money in circulation—Member bank credit—business conditions—Gold movements—Acceptances. Annual report of the National Bank of Rumania 551 Annual report of the Bank of Bulgaria 554 Animal report of the Bank of Estonia 558 Condition of all member banks on June 30, 1930 603-610 National summary of business conditions 536 Financial, industrial, and commercial statistics: Reserve bank credit and factors in changes (chart and table) 537, 538 Analysis of changes in monetary gold stock 538 Gold movements to and from United States 538 Member bank borrowing at Federal reserve banks 539 Discount rates and money rates 539, 540 Member bank credit 541 Bankers' acceptances and commercial paper outstanding 541 Brokers' loans 541 Security prices, security issues, and building contracts awarded 542 Production, employment, car loadings, and commodity prices 543 Industrial production 544 Factory employment and pay rolls 545 Banking and business conditions in Federal reserve districts: Federal reserve banks— Discounts (chart and tables) 546, 547 Reserves, deposits, note circulation, and reserve percentages 547 All member banks—Deposits subject to reserve, reserves held, and indebtedness at reserve banks._ 547 Member banks in leading cities—Prinicpal resources and liabilities 548 Building 549 Department stores—Indexes of sales and stocks 549 Commercial failures 549 Bank suspensions 549 August crop report 550 Financial statistics for foreign countries: Gold holdings of central banks and governments 560 Gold exports and imports 560 Condition of central banks 561, 562 Condition of commercial banks 563 Discount rates of central banks 564 Money rates 564 Foreign exchange rates : 565 Price movements 566, 567 Industrial statistics for England, France, Germany, and Canada 568, 569 Law department: Provisions of State laws relating to bank reserves 570-597 Detailed Federal reserve statistics, etc.: Resources and liabilities of Federal reserve banks in detail and Federal reserve note statement 598 Condition of each Federal reserve bank at end of month 599 Maturity distribution of bills and short-term securities held by Federal reserve banks 600 Membership in par collection system 600 Bank debits 600 Kinds of money in circulation 600 Changes in national and State bank membership 601 Fiduciary powers granted to national banks 602 IV Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN VOL. 16 SEPTEMBER, 1930 No. 9 REVIEW OF THE MONTH autumn increase, as there is commonly little growth in currency demand during October and The volume of reserve bank credit outstand- November. These facts are indicated by the ing, after having declined toward the end of chart, which shows for each week of the year July to about $950,000,000, Banking increased in August, chiefly MILLIONS OF DOL! MILLIONS OF DOLLARS situation 5200 5200 in response to a seasonal increase in the demand for currency but also in part on account of some further exports of gold. The increased demand for reservebank credit was met entirely through growth in reserve-bank holdings of acceptances and 4900 Government securities, purchased in the open market, and there was consequently no increase 4800 in member-bank indebtedness at the reserve banks and no tightening in money rates. The volume of member-bank credit outstanding, as measured by the loans and investments of reporting member banks in leading cities, fluctuated somewhat during the month and was at the end of August at about the same level as a month earlier, and about $700,000,000 larger than a year ago. 4300 4300 Feb. Mar. Apr. May June July Av£. Sept. Oct. "~Nov. Dec. The growth in demand for currency during Weekly averages of daily figures August, amounting to $52,000,000 as measured by the weekly averages the average amount of money in circulation in circu"of dai1^ figures> was of about during the seven years, 1923-1929, with a separate curve for the first eight months of the same proportions as in 1930. Comparison of the two curves shows other recent years. The growth of circulation that the decrease in circulation early in 1930 at this season reflects the need for cash to be was of more than the usual seasonal proporused for paying wages in harvesting early tions, that the downward tendency continued crops and to meet seasonally larger factor}^ pay until the end of July, and that even after rolls as well as an increase arising from the the seasonal increase in August there was holiday need for cash at the time of Labor Day. $300,000,000 less money in circulation than Since this holiday demand is temporary, a the August average of the preceding seven part of the currency drawn into circulation years. The decrease in currency from a year before Labor Day does not remain in circulaago has reflected primarily the influence of tion throughout the whole month of September, the business recession, particularly a subbut the August increase in currency demand stantial decline in pay-roll requirements and represents nevertheless the beginning of the a lessened dollar volume of retail trade. characteristic autumn expansion of the circu- This large inflow of currency from circulation lation. The increase from the end of July has been one of the important factors in to some time in September, furthermore, enabling member banks to reduce the amount usually represents the larger part of the 533 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
534 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 of their borrowings at the reserve banks by shared in this decline, with automobiles, steel, about $800,000,000 during the year and at the and textiles experiencing the most pronounced same time to expand the volume of their recession. The decline during the month of credit operations with a consequent substantial July was especially large, and reports for the increase in the amount of their reserve balances. first three weeks in August indicated little The return flow of currency has accordingly change in the situation. Accompanying the contributed substantially to the prevailing decline in production and trade in July there ease in the credit situation and to the current was also a decrease in the volume of employlow level of money rates. ment. It is estimated that the number of Member-bank borrowings at the reserve workers employed in factories and mines and banks showed little change in August, continu- on the railroads decreased altogether by ing at the low level of about 1,500,000 during the year ending July, 1930, *200>000>000 that has now Pre- or by about 14 per cent, and with the greater vailed for several months. Their prevalence of part-time operations this year total loans and investments also, as indicated by the decrease in pay-roll disbursements was the reports of member banks in leading cities, greater than the decrease in employment. have shown little change during recent weeks, In the construction industry the value of remaining throughout July and August close contracts awarded in the first seven months to the average of $23,115,000,000 for the period. of this year was 18 per cent smaller than in Loans on securities, however, decreased by 1929, notwithstanding the large awards this about $240,000,000 from the high level of June year for the construction of public works and 18 to $8,375,000,000 on August 27, while the public utilities. On farms a protracted banks' investments increased further in August drought, which was not broken until midand at about $6,335,000,000 in the last half of August, reduced prospective feed and late the month were somewhat higher than at any food crops and also damaged pasturage. previous time. "All other" loans, averaging Railroad freight traffic continued to decline in about $8,460,000,000 in August, were slightly response to these conditions in industry and less than in July and $925,000,000 below the trade, and in July car loadings were 15 per level of a year ago. cent smaller than a year ago. At the same The relatively low level of "all other" loans time, the value of American goods shipped during recent months, like the low level of the abroad has been greatly reduced and in July public demand for currency, has was at about the low level reached in the Business condi- reflected primarily the rela- summer of 1924. This reduction in the dollar tions tively inactive condition of volume of foreign trade reflected both a business that has characterized the period. smaller physical volume of exports and the This condition, which has been evident in many decline in wholesale prices.1 lines for as long as a year, became more pro- The outward movement of gold from the nounced in July, the latest month for which United States that started in July, wrhen excomprehensive data are available. This was change rates on France and Gold movements true of production, at factories and mines and Canada reached the gold exin agriculture; of employment; of the construc- port points, continued at intervals in August. tion industry; and of both domestic and foreign Total gold exports for the two months approxitrade. The course of commodity prices, both mated $80,000,000, of which $65,000,000 went wholesale and retail, also continued downward to France, but there were at the same time in July. further gold imports from Latin America and Production of goods at American factories the Orient amounting to about $40,000,000. and mines in July was 23 per cent less than in The loss of gold was without effect on money the same month a year ago, when production i For additional information on recent business conditions see pages was near its highest level; almost all industries 536 and 542-545. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 535 market conditions in the United States, either finance various products in process of disin July or in August, as it was offset in July tribution abroad. The increase of $45,000,000 by the inflow of currency from circulation during July, 1930, furthermore, was on account and in August by open-market operations of of acceptances based on goods stored abroad or the Federal reserve banks. moving from one foreign country to another. To meet the increased demand for reserve- MILLIONS OF DOLLARS .MILLIONS,OF DOLLARS bank credit during xlugust the reserve banks AMERICAN BANKERS ACCEPTANCES OUTSTANDING J purchased $30,000,000 of Gov- { ,; 1800 Acceptances ernment securities, all of which were bought early in the month, and increased their holdings of acceptances by $30,000,000, while their discounts for member banks showed r— 11200 little change. The growth in acceptance holdings reflected in part the fact that, with reservebank buying rates for acceptances at 1% per cent, member banks could obtain reserve-bank credit through the bill market at considerably less cost than through rediscounting. Official 400 buying rates on acceptances are usually lower 200 1 200 than the rediscount rates of the reserve banks, and in August of this year the differential of 1926 1927 1928 1929 five-eighths per cent between the acceptance End-of-month figures reported by American Acceptance Council rate of the New York reserve bank and that This increased use of dollar acceptances abroad bank's rediscount rate, though it was smaller has reflected in part the fact that during recent by a quarter of 1 per cent than in the last three weeks open-market rates on acceptances have weeks of August, 1929, was somewhat larger been slightly lower at New York than at Lonthan at the same time in 1928 or 1927. The don, Paris, or Amsterdam, and considerably volume of dollar acceptances outstanding, lower than at Berlin. It has been partly already relatively large, has been increasing through the acceptance market, therefore, that in recent weeks, both in response to seasonal pronounced ease in the American credit situainfluences and to the favorable terms upon tion has been a factor of ease in the internawhich acceptance credit is now obtainable tional credit situation. by the borrowing public. At the end of July, the latest date for which figures are available, Resignation of Governor Young there were $1,350,000,000 of dollar acceptances Governor Roy A. Young, of the Federal outstanding, or about $225,000,000 more than Reserve Board, who had held that office since at this time last year and about $370,000,000 October 4, 1927, resigned at the end of August, more than two years ago. The course of and on September 2 became governor of the Federal Reserve Bank of Boston. acceptance credit outstanding is shown on the accompanying chart, which covers the period since the end of 1925 and brings out the fact Changes in Foreign Central Bank Discount Rates The following changes have been made since that it is about this season of the year that the the first of August in the discount rates of censeasonal increase in acceptance credit usually tral banks in foreign countries: begins and that this increase, which commonly August 2.—•Reserve Bank of Peru, from 8 to 9 per cent. continues until at least the end of the year, August 4.- -Central Bank of Chile, from 6 to 7 per amounted to more than $300,000,000 in 1927 cent. August 18. -Reserve Bank of Peru, from 9 to 8 per cent. and 1928 and to about $600,000,000 in 1929. August 19.—Bank of Danzig, from 4H to 4 per cent. The most rapid growth since 1928 has been in August 26.—Bank of Finland, from 6>£ to 6 per cent. the employment of dollar acceptances to September 1.—Reserve Bank of Peru, from 8 to 7 per cent. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
536 FEDERAL RESERVE BULLETIN SEPTEAIBER, 1930 Condition of All Member Banks on June 30, 1930 Changes in Discount Rates Detailed figures of condition of all member The discount rate on all classes and maturibanks on June 30, including the detailed classifi- ties of paper was reduced from 4 to 3% per cent cation of loans, are given on pages 603-610 of at the Federal Reserve Bank of St. Louis, this issue of the BULLETIN, and in greater detail effective August 7, at the Federal Reserve Bank by States, cities, and class of bank in Member of San Francisco, August 8, and at the Federal Bank Call Report, No. 48. Reserve Bank of Kansas City, August 15. NATIONAL SUMMARY OF BUSINESS CONDITIONS [Compiled August 21 and released for publication August 25] Business activity declined further during than last year. The cotton crop was estimated July, and industrial production and factory at 14,362,000 bales, or slightly less than a employment reached the lowest levels in recent year ago. years. Crops were damaged by prolonged Distribution.—Freight-car loadings have been drought. Wholesale prices declined further in smaller volume than at the same season of until early in August, when agricultural prices any other recent year. Department-store sales increased. Money rates continued easy. declined in July to the lowest level since the Production and employment.—Output of summer of 1924. factories and mines decreased by about 6 per Prices.—The sharp downward movement of cent during July, according to the board's index wholesale prices continued through July, and of production, which makes allowance for the Bureau of Labor Statistics index fell to a seasonal fluctuations. A number of automobile level 14 per cent below that of a year ago. The factories were closed during part of the month, most pronounced decreases from June to July and there was a substantial reduction in output were in the prices of cattle, beef, wheat, cotton, of iron and steel, and cotton textiles. Daily silk, and rubber; and nearly all commodities average production of bituminous coal, lumber, showed some decline. During the first half of and shoes continued small. In the first half of August prices of grains moved upward, reflect- August the output of steel showed a further ing the influence of the drought. There have slight decrease. Some automobile plants re- also been recent increases in the prices of sumed operations on a limited scale. cattle, hogs, silver, and silk, while the prices of Factory employment and wage payments cotton, copper, iron and steel, and rubber have decreased further and at the middle of July declined further to the lowest levels in recent were at the lowest level since 1922. The reduc- years. tion in number of workers employed was largest Bank credit.—Loans and investments of at steel and automobile plants, car shops and reporting member banks in leading cities foundries, hosiery and cotton mills, and cloth- decreased slightly between July 16 and August ing factories. There was a seasonal increase in 13, largely as a result of a decline of $48,000,000 employment in the canning, flour, and shoe in security loans. All other loans showed little industries. Working forces at bituminous coal change, while investments increased further. mines were further reduced, and the Depart- Reserve-bank credit outstanding increased ment of Agriculture reported an unusually by about $60,000,000 during the first three small demand for farm labor. weeks of August, reflecting seasonal increase in Building contracts awarded during July and the demand for currency and a decrease of the first half of August were in small volume, about $25,000,000 in the country's gold stock, according to reports by the F. W. Dodge Cor- chiefly on account of gold exports to France. poration. The reduction from June was pri- The increase in reserve-bank credit was in the marily on account of smaller awards for public form of bankers7 acceptances and United works and utility construction. Building in States Government securities; member-bank other lines continued relatively inactive. borrowings showed little change. Feed crops and pasturage have been severely Money rates continued easy. The prevaildamaged by drought, which was not broken ing rate on commercial paper was reduced to until the middle of August. The August 1 3 per cent around the first of August and recrop report of the Department of Agriculture mained at that level during the first three indicated a corn crop of 2,212,000,000 bushels, weeks of the month. Bond yields continued the smallest since 1901, and the smallest hay to decline. Discount rates at the Federal crop in 10 years. Food crops were less severely reserve banks of St. Louis, San Francisco, and affected, with wheat production estimated at Kansas City were lowered from 4 to 3% per 821,000,000 bushels—15,000,000 bushels larger cent during August. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
537 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN FEDERAL RESERVE BANK CREDIT RESERVE BANK CREDIT OUTSTANDING AND PRINCIPAL FACTORS IN CHANGES MILLIONS OF DOLLARS MILLIONS OF DOLLARS 5^00 5400 1926 1927 1928 1929 1930 Based on weekly averages of daily figures; latest figures are for week ending August 2Q 9442—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
538 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 RESERVE BANK CREDIT OUTSTANDING AND FACTORS IN CHANGES [Average of daily figures. In millions of dollars] Reserve bank credit outstanding Factors of decrease 1 Factors of increase i Month or week B co il u ls n t d e i d s- bo B u il g ls ht s U e S c n t u a i r t te e it s d ies r c O e b r s e a t e h d n r e k i v t r e 2 Total Mo s g t n o o e l c d t k ary T c j u r u e r ( s r a a t e s e d n u d - c ) r y y i M n l a o c ti i n o r e c n y u- M b r a e b e l s a a m e n n r b k c v e e e s r d m e N e p e m o o tc n s b . i - t e s r , p c U f e a u n p n n d e i d t x e a s d - l 1929—April 1,004 156 165 52 1,377 4,226 1, 785 4,679 2,308 35 366 May ' 956 145 153 49 1,303 4,292 1,787 4,684 2,296 32 370 June 978 99 179 61 1,317 4,311 1,779 4,687 2,314 30 376 July 1,096 75 147 62 1,380 4,335 1,790 4,764 2,334 31 376 August 1,043 124 155 54 1,376 4, 351 1,781 4,777 2,322 27 382 September 969 229 165 64 1,427 4,368 1,766 4,811 2,335 28 387 October 885 337 154 74 1,450 4,381 1, 785 4,810 2,386 28 392 November 953 296 315 67 1,631 4,374 1.789 4,845 2,521 33 395 December 803 320 446 74 1,643 4,324 1,797 4, 943 2,395 27 399 1930—January 501 314 485 57 1, 357 4,283 1,784 4,652 2,349 29 394 February 378 285 480 38 1,181 4,319 1,781 4, 556 2,305 27 393 March 274 246 540 3 1,095 4,395 1,797 4, 533 2,330 27 397 April 231 266 530 45 1,072 4,443 1,781 4, 518 2,350 28 400 May 247 182 529 38 996 4,505 1,779 4,497 2,356 29 398 June 251 141 571 37 1,000 4,528 1,775 4,489 2,392 27 395 July 226 154 583 40 1,003 4,532 1,789 4,483 2,417 35 389 August I 214 153 599 32 998 4, 496 1, 787 4,476 2,392 28 385 Week ending (Saturday)— I Aug. 2 213 134 574 29 950 4,513 1,784 4,433 2,39S 30 386 Aug. 9 245 137 589 34 1,005 4,497 1,784 4,466 2, 402 30 388 Aug. 16 i 202 159 607 34 1,002 4,492 1,788 4,470 2,396 29 387 Aug. 23 i 199 159 603 31 992 4,493 1,788 4,475 2,386 27 385 Aug. 30 i 200 162 : 602 29 993 4, 501 1,791 4, 480 2,387 26 386 1 For explanation see BULLETIN for July, 1929, pp. 432-438. 2 Includes "other securities," amounts due from foreign banks, and reserve bank float; for explanation see BULLETIN for July, 1929. Back figures.—See Annual Report for 1929 (Tables 1, 2, and 3). ANALYSIS OF CHANGES IN MONETARY GOLD STOCK GOLD MOVEMENTS TO AND FROM UNITED STATES [End of month basis. In millions of dollars] [In thousands of dollars] Increase or decrease (—) during 1930 month Gold Month a s t t o e c n k d Through Through Through From or to— Augus n t a r ( y p ) relimi- July January-July of net gold ear- domestic month Total import marking producex o p r ort o t p io e n ra s - ti e o t n c , .i p I o m r - ts p E o x r - ts p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s 1928— D N e o c v e e m m b b e e r r . . . . 4 4 , , 1 1 2 4 8 1 -1 1 4 3 . . 0 2 23 6 . . 3 7 - - 2 1 5 5 . . 0 8 4 5. . 7 3 E F n ra g n l c an e d 35.307 59 30,002 10 „ 9 38,4 2 9 89 9 Total (12mos.). -237. 9 -392. 0 119.6 34.5 I G ta e l r y many 2 1 6 156 1929— F J e a b nu ru ar a y ry... 4 4 , , 1 1 2 5 7 3 -1 2 4 6 . . 4 4 4 2 7 5 . . 2 5 -65.0 3 . . 9 4 N Ca e n th a e d r a lands . 3,000 1,369 8 • 12, 512 17,25 1 6 7 12 630 March 4,188 34.4 24.8 7.5 2.1 Central America 110 i_ . . . 113 948 J A M u p n a r y e i l _. 4 4 4, , , 3 3 2 2 0 6 4 1 0 4 2 7 3 0 2 . . . 4 4 6 3 2 2 0 3 3 . . . 2 6 1 - 4 1 7 8 6 . . 5 . 6 1 0 0 0 . . . 7 7 9 M A Br r e a g x z e i i n c l o tina 3,329 1 5 5 9 , 0 4 3 1 3 9 1 8 1 415 July.. 4,341 16.3 34.7 -22.0 3.6 Chile 21 175 August 4,360 18.9 18.4 -1.0 1.5 Colombia. - . 1,039 , 108 3,841 September.. 4,372 12.1 17.6 -6.6 1.1 Ecuador 239 956 October 4,386 14.4 17.5 -4.5 1.4 Peru 96 6,002 November- 4,367 -19.2 -23.2 1.0 2.3 Venezuela • 3,173 3,477 December.. 4,284 -82.9 -64.4 -22.0 3.5 Uruguay 2,000 ! 3,000 4,000 China and Hong Total (12 mos.)- I 142.4 175.1 -55.4 22.7 Du K t o c n h g East Indies . 2,461 3,4 2 1 7 4 9 15 1 1 6 , , 0 3 5 4 2 3 6 5 2 0 1930—January... 4,293 8.8 4.0 2.5 ! 2.3 Japan 2,695 313 114, 345 February.. 4, 355 61.9 60.0 0.0 ! 1.9 Philippine Islands __ 1,767 March 4,423 68.2 55.5 13.0 ! -0.3 New Zealand .. _. . 102 April 4,491 68.5 65.7 0.5 i 2.3 All other countries.. i 8, 032 5 6, 366 8,822 91 May 4,517 25.9 23.5 2.0 ' 0.4 June ., 4,535 17.6 13.9 2.0 | 1.7 Total 2 16,937 38,312 21, 889 42, 529 254,087 52.191 July 4,517 -18.4 -20.6 -3.0 5.3 August J»_. 4,500 -16.8 -21.5 0.0 ' 4.8 includes all movements of unreported origin or destination. 2 At New York—imports, $5,806,000; exports, $35,312,000. Elsewhere— i For explanation of this figure, which is derived from preceding col- imports, $11,131,000; exports, $3,000,000. umns, see BULLETIN for December, 1928, p. 831. »Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 539 MEMBER BANK BORROWINGS AT FEDERAL RESERVE BANKS [Monthly averages of weekly figures. In millions of dollars] Reporting member banks in leading cities Member banks Total i Other leading cities outside leading cities i Month Total ; New York City ! ' *'ota] Chicago I 1930 1929 1930 | 1929 1930 1929 1930 1929 1929 1930 j. January 891 462 663 247 i! 190 39 473 | 208 69 ! 228 215 February. _. 893 371 659 174 i 131 21 528 : 153 93 234 197 March 978 247 740 81 i 166 1 574 : 80 121 238 ! 166 April -. 991 225 725 71 ;; 162 17 563 ! 54 46 266 154 May 951 226 661 59 |! 145 11 5]f, 48 36 290 167 June 972 222 670 53 i 165 5 505 ' 48 64 302 169 July ., 100 218 801 53 : 319 482 53 47 299 165 August ,013 196 717 43 i. 196 4 521 39 32 296 153 September.. 974 706 166 .18 268 October 634 74 560 _ 38 251 November- 944 655 595 28 289 I December.. 755 490 410 37 265 !. i Includes (in small amounts) discounts by Federal reserve banks for nonmembers: (1) Bills discounted for intermediate credit banks and (2) notes secured by adjusted-service certificates discounted for nonmember banks. FEDERAL RESERVE BANK RATES OPEN-MARKET RATES DISCOUNT RATES RATES IN NEW YORK CITY [Rates on all classes and maturities of eligible paper] Prc-vfiling rate on- Average rate Average yield on— on— Rate in Date Previous Federal reserve bank e S ff e e p ct t . o 1 n e li s s t h a e b d - rate Call loans 5 U. S. Prime Treas- N B Ph o ew i s l t a o Y d n e o l r p k hia.. 3 2 31 J/ / > 2 J J J u u u l l n y y e 2 3 3 0 4 3 Month or week m m p P 4 c e o a r o t r p i n o m c m e t i h 6 r - e a , s l a a b c d n e a c a 9 c r n e y s 0 e k p ' s s - t , - d l T o a i 9 a y m 0 n s s e - , New ne R w e- al c c n 3 e a u a o r t n t r t o t e y i d e f s s 6 i , - b T o u r n r e y d as s - 3 Cleveland 33/2 June 7 4 months Richmond 3H July 18 4 Atlanta July 12 4 Chicago 31/2 June 21 4 1929 St. Louis 3>2 Aug. 7 4 August.. 6 -G34 894-9 h. 15 8.23 4.70 3.72 Minneapolis. _. 4 Apr. 15 4J/2 September 6M 8?4-0 8.62 8.50 4 4. 58 3.70 Kansas City... 3H Aug. 15 4 October 7 -9 6.10 6.43 4.37 3.67 Dallas 4 Apr. 8 4U November 5U-VA 334-4^ 4?4-6 5.40 5.44 3.47 3.45 San Francisco. Aug. 8 4 December 334-4 434-5 4.88 4.83 * 3.03 3.46 1930 BUYING RATES ON ACCEPTANCES Januarv 4U-5 3<<6-4 4?4-5 4.31 4.64 3.39 3.51 February 4^-5 334-3% 4H-5 4.28 4.32 3.36 3.50 [Buying rates at the Federal Reserve Bank of New York] March 394-494 23^-334 3%-4% 3.56 3.69 < 2.95 3.40 April 334-4 2J-6-3 4 -4*4 3.79 4.00 3.00 3.46 May %Y>-A 2%-2^ 334-334 3.05 3.12 2.41 3.41 Maturity e R S ff e a e p c te t t . i o n 1 n ! I I l e D i s s a h ta t e e b d - Pre ra v t i e ous J Ju u l n y e 3 3 34 -3 -3 ! % -2 1"6-2 m 34 2 2J 3 /S 4- -3 3 34 2 2 . .6 1 0 8 2 2 . . 2 6 0 2 4 1 1. . 8 8 3 9 3 3 . .3 3 7 7 August 3 23/>-234 2 22 2.21 1.53 3.37 Week e ding— 1-15 days VA\ June 30 4.ug 2 3-3 J4 21^-234 2 00 2 On 1 64 3.37 16-30 days... Aug. 9 m 2H-23/4 2.23 2.20 1. 55 3.37 31-45 days__. l7/i do 2 Aug. 16 3 VA 23-£ 2.49 2.40 1.53 3.37 46-60 days._. VA' July 21 2 Aug. 23 ?, VA 2^-2% 2.20 2.30 1.50 3.38 61-75 days._. VA --.do. 2 Aug. 30 3 VA 21/2-2% 2.00 2.00 1.48 3.38 76-90 days... 2 June 30 234 91-120 days.. 236 June 20 234 1 Stock exchange call loans; new and renewal rates. 121-180 days. 2%' do 2U 2 Stock exchange 90-day time loans. 3 3 issues—334, 3%, 4 per cent; yields calculated on basis of last redemp- NOTE.—Rates on prime bankers' acceptances. Higher rates may be tion dates—1947, 1956, and 1954. charged for other classes of bills. 4 Change of issues on which yield is computed. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
540 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PREVAILING RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES WEIGHTJED AVERAGES Eight other northern and Twenty-seven southern and New York City eastern cities western cities Month 1927 1928 1929 1930 1927 1928 1929 1930 1927 1928 1929 1930 January 4.66 4.56 5.74 5.64 4.99 4.73 5.87 5.88 5.72 5.53 5.94 6.12 February 4.56 4.44 5.73 5.35 4.98 4.76 5.86 5.66 5.71 5.53 5.96 6.04 March 4.56 4.59 5.81 5.22 4.88 4.81 5.91 5.47 5.65 5.54 6.04 5.98 April _ _ 4.63 4.72 5.85 4.91 4.90 4.91 6.00 5.22 5.57 5.54 6.07 5.86 May 4.63 4.97 5.88 4.74 4.95 5.04 6.09 5.13 5.59 5.56 6.10 5.75 June 4.60 5.09 5.93 4.59 4.93 5.36 6.02 5.06 5.54 5.67 6. 16 5.69 July 4.56 5.38 5.88 4.48 4.90 5.57 6.08 4.81 5.52 5.77 6. 17 5.62 August 4 41 5 56 6 05 4.41 4 87 5.59 6 11 4.77 5.53 5.80 6 22 5 41 September 4.44 5.63 6.06 4.77 5.80 6.24 5.61 5.82 6.27 October 4.49 5.63 6.08 4.79 5.80 6.25 5.56 5.87 6.29 November 4.35 5.56 5.86 4.82 5.82 6.12 5.56 5.90 6.29 December 4.50 5.63 5.74 4.76 5.91 5.94 5.60 5.91 6.20 NOTE.—Figures relate to rates charged by reporting banks to their own customers as distinguished from open-market rates (which are given on preceding page). All averages are based on rates reported for three types of customer loans—commercial loans, and demand and time loans on securities. The method of computing the averages takes into account (a) the relative importance of each of these three types of loans and (6) the relative importance of each reporting bank, as measured by total loans. In the two group averages the average rate for each city included is weighted according to the importance of that city in the group, as measured by the loans of all banks. PREVAILING QUOTATIONS Loans secured by prime stock- Loans secured by warehouse Prime commercial loans exchange collateral receipts Interbank loans Federal reserve bank or branch city June, July, August, June, July, August, June, July, August, j June, July, August, 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 1930 New York City 4 -4K 4^-5 4^3-5 4 -4^3 Northern and Eastern Cities Boston __ 43,3-5 43/4-5 5^-6 5 -6 , 4 4 4 B Ph u i f l f a a d lo elphi a 4 5 1 /3 - - 6 5 4 5 - - 5 6 5 -6 5 5 1 /3 - - 6 6 4 5 1 1 / / 2 2 - - 6 6 5 -6 6 6 5 - e 6 ,y2 4 5 3 4 - - 5 5 4 5 - - 5 5 14 4 5 - - 5 6 Pittsburgh 5 -6 5 51/3-6 5 -5 6 5J4-6 5 -6 5^-6 Cleveland 4 -6 4 -6 4 -5 5 -6 5 -6 53^6 5 -6 5 -534 5 -534 5 -6 Cincinnati 5 -6 5 -6 5 -6 5 -6 5 -6 5 -6 6 -7 6 6 -7 5 -6 5 -534 5 -53/ Detroit 5^-6 5 -6 4 -6 5^-61/S 5 6 6 6 6 Chicago 4J4-5 4 -5 4 -5 5 -5^3 4 -5 4 -5 5 -6 Southern and Western Cities Richmond _ 4 -5 5 -6 5 -h\ Baltimore 41/3-6 5 -6 5 -6 Charlotte 4%-6 5 -6 o -6 6 6 6 6 Atlanta 5 -53> 534-6 5 -6 ; 5 -6 5 -6 5 -6 5 -51/ Birmingham 6 -7 5^3-7 5^-7 6 -7 5^3-7 I 53^-7 6 -8 6 -8 6 6 Jacksonville 5 -6 41/3-5 4^-5 6 -7 6^3-7 I 6^-7 6 -7 6 -7 6 6 6 Nashville 6 6 6 6 6 534-6 j 53^-6 534-6 51/3-6 51/3-6 New Orleans 5 -6 5 -5% 5 -5H 6 -6 534-634 5^-6 5 -6 5 -6 5 -6 S L t i . t t L le o u R i o s ck " 6 4 -5 6 4 - 6 \y2 6 5 - - 7 6 6 5 - - 7 6 6 5 - - 7 6 6 5 - - 7 6 6 5 - - 7 6 6 5 - - 7 6 5 -6 6 5 -5 6 34 Louisville 6 6 6 6 6 6 6 6 534-6 5 -6 Minneapolis 4 -5 4 -5 4 -5 5^3-6 51/3-6 5 -6 4 -4J. 4 -5 4 -43 534-6 5H-6 534-6 Helena 8 8 8 8 8 8 6 -8 6 -8 6 -8 6 -8 6 -8 6 -8 Kansas City 5 -5J- 4^-5 534-6 51/3-6 534-6 5 -6 5 -6 534-6 r 5^3-6 5^-6 Denver 5 -6 5 -6 6 6 6 -8 6 -8 6 Oklahoma City.. 5^3-6 5^-6 8 8 6 -8 6 -8 6 6 Omaha.. 5 -5J- 5 5 6 -6^3 6 -634 6 6 6 6 Dallas 5 -6 5 -5 6 -7 6 -7 6 -7 5 -6 5 -6 534-6 5 -6 El Paso 6 -8 8 6 -8 6 -8 8 6 -8 8 8 6 6 5 -6 Houston 6 6 6 6 6 6 6 5 -6 5 -6 5 -6 San Antonio 6 6 6 -7 6 -7 6 -8 6 -8 6 -8 6 5J4-6 6 San Francisco 5 -6 5 -6 5 -6 5 -5 5^3-6 5H-6 5 5 5 Los Angeles 5 4 -6 6 -m 6 -6i/3 61/2-7 6 -7 6 -7 6 6 6 Portland ___, 6 5^-6 6 -7 6 -7 6 -7 6 6 Salt Lake City.. 6 6 6X 6 6 7 7 6 6 Seattle 6 6 6 -63/2 -6I/2 7 7 6 6 Spokane _ I 6 -m 61/3-7 7 7 6 6 61/3-7 NOTE.—Rates shown are those at which the bulk of the loans of each class were made by representative banks during week ending 15th of month. Rates from about 200 banks with loans exceeding $8,000,000,000; reporting banks are usually the larger banks in their respective cities. r Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
541 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN MEMBER BANK CREDIT BROKERS' LOANS REPORTING MEMBER BANKS REPORTED BY THE NEW YORK STOCK EXCHANGE [In millions of dollars. Monthly data are averages of weekly figures] [Net borrowings on demand and on time. In millions of dollars] Loans and investments From New From private York banks banks, brokers, ! Bor- Total and trust com- foreign banking Loans ! i End of month panies agencies, etc. j In- Total Total l ] : O cu t n i r s e i e s - - o A th ll e r! I m v e es n t t - sbanks1! banks January. 6,735 February. 6,679 March.. 6,804 April. 6,775 BY MONTHS May.. 6,665 June.. 7,071 Total: July. 7,474 1929--April 22, 16,464; 7, 9,073 5,924 2, 709, 725 August __ 7, May 22,113 16, 277^ 7,218 9,059 5,836 2,545j 661 September- 549 June 22, 231 16,480 7,332 9,149 5,751 2, 532| 670 October J A S u e u l p y g t u e s m t ber 2 2 2 2 2 2 , , , 6 4 4 4 7 6 6 9 5 1 1 1 6 7 6 , , , 1 9 9 9 6 5 9 7 0 : 7 7 7 , , , 6 7 5 5 1 7 4 6 89 9 9 , , , 3 2 5 3 9 4 4 0 3 5 5 5 , , , 4 4 5 9 4 2 6 9 9 2 2 2 , , , 6 7 7 0 1 38 4 8 1 8 7 7 0 0 1 1 6 7 N D o ec v e e m m b b e er r. October 23,124 17, 706J 8,098 9,608 5,418 2,914 634 November 23, 663 18, 041: 8,249 9,792 5,623 3,008 655 i Call loans, $2,913,000,000; time loans, $686,000,000. December 23,012 17,444! 7,968 9,476 5,567 2,886 490 1930— F J e a b n r u u ar a y ry 2 22 2 , , 0 3 8 6 3 8 1 1 6 6 , , 5 8 4 2 2 1 ; 7 7 , , 7 67 9 1 4 8 9 , , 8 0 7 2 1 7 5 5, , 5 5 4 4 1 8 2 2 , , 8 8 1 2 8 8 2 1 4 7 7 4 MADE BY REPORTING MEMBER BANKS IN N. Y. CITY March 22, 352 16,746j 7,964 8,781 5,607 81 April 22, 657. 16,901! 8,270 8,631 5,756 2,940 71 [In millions of dollars. Monthly data are averages of weekly figures] May 22, 662 16,825 8,312 8,513 5,837 2,870 59 June 23,024 17,048; 8,568 8,480 5,977 3,063 53 For banks July 23,1011 16,906 j 8,409 8,497 6,194 3,404 53 August 23,128 16,838! 8,375 8,462 6,291 3,334 43 In Outside New York City: Month or date Total i New New others 1929—April | 7, 297! 5,437! 2,729 2,708 1,859 874 162 Total York York J M un ay e i , 7 7 , , 1 2 8 8 2 1 : ! 5 5 , , 4 34 6 4 8 2 2, , 7 6 4 5 9 3 2 2 , , 7 6 1 9 9 1 l'812 8 79 1 6 7 1 16 4 5 5 City* City2 July. 7,496 5,804' 3,045 2,758 1,692 935 319 August 7,407 2,845 2,843 1,720 827 196 1929—June 5,383 j 2,443 895< 1,548 2,940 September 7,507 5,803 2,892 2, 9111,704 887 166 July i 5,841 i 2,849 1,198 1,651 2,992 N O o ct v o e b m er ber 8 7 , , 3 8 4 3 9 7 6 6 , , 1 3 0 8 8 0' 3 3 , , 1 3 9 4 1 0 2 3 , , 9 0 1 4 6 0 1 1, , 9 7 6 2 9 9 1 1 , , 0 1 2 3 3 2 6 7 0 4 A Se u p g t u e s m t ber i ' 6 6, , 5 0 4 6 0 9 ! j 2 2 , , 7 8 7 9 8 8 1,0 9 4 9 8 3 1 1 , , 8 7 5 8 0 6 3 3 , , 2 6 9 4 0 2 December 8,001 6,021 3,112 2, 9091,981 980 80 October j 6,498 j 2,896 , 1,257 1,639 3,602 1930—January 7,66<i 5, 705 |2,945 2,760 1, 959 931 39 November : 4,023 • 1,869 1,090 779 2,154 M Fe a b r r c u h ary 7 7 , , 6 4 4 9 9 3 5 5 , , 5 7 8 2 4 0 ! : 2 3, , 1 9 1 0 5 9 2 2 , , 6 6 0 7 5 51 1 1 , , 9 9 2 0 9 9 9 9 5 0 2 2 2 1 1 1930— D Ja e n c u e a m ry b er i i 3 3 , , 3 3 9 5 1 1 1 1 , , 7 6 0 0 6 1 i 8 8 4 8 4 8 8 7 6 1 2 3 1 1 , , 6 7 4 9 4 0 April 7, 829 5,868 3,383 2,485 1,961 982 17 February. _ 3,459 1, 913 942 971 : 1,546 J J M u u a n l y y e .. : 8 8 7 , , , 1 8 0 1 5 7 7 2 8| 6 5 5 , , , 9 0 8 8 7 9 4 8 9 3 3 3 , , , 7 4 5 0 5 5 1 9 8 2 2 2 , , , 4 3 4 1 9 2 8 8 6 i ,2 2 1 , , , 0 0 9 1 9 7 9 4 4 : 1 i , 1 1 , 9 0 0 3 0 0 1 9 1 5 1 A M M p a a r y r i c l h : i 3, 4 4 7 , , 0 1 4 3 1 1 0 5 j 2 2 2 , , , 7 3 7 4 1 2 0 7 0 J 1 1 1 , , , 5 6 2 5 6 1 7 5 0 1 1 1, , , 0 1 1 6 0 8 2 0 3 1 1 1 , , , 3 4 3 7 3 0 6 0 2 August 8,0971 6,004 3,588 2,416 2,093 999 June i 3,825 i. 2,748 1,831 917 1,078 Other leading cities: July 33,224 2,378 : 1, 631 747 ; 846 1929—April ' 15,092: 11,027,1 4,663 6,364 4,065 1,835 563 May : 14, 931: 10, 933 j4, 5656, 3683,998 1, 728| 516 August 6 i 3,214 2,413 ] 1,719 694 801 June___ __•14, 9501 11,012! 4,582 6,430 3, 9381, 7361 505 August 13 : 3,155 i 2,351 1,646 705 804 July ! 14, 983! 11,146 4,670 6,476 3,837 1,803! 482 August 20 I 3,128 2,321 : 1, 607 714 S07 August ' 15,058 11,281 4, 7346, 5473,776 1,777 521 August 27 : 3,102 2,320 j 1.605 055 782 September 15, 139 11, 394 4, 7626, (532!3, 74, 1,830 540 October 15, 288 11, 598 4, 9066, 692!3,6901 1,891 561 November • 15, 314 11,661 4,909 6, 752'3,654: 1,875 594 1 Weekly reporting member banks in New York City. December 15,011 11,424 4,856 6, 568!3,587: 1,906 410 2 Member and nonmember banks outside New York City (domestic 1930—January 14,705I 11,115 4,849 6, 267.3,589 1,897 208 banks only); includes unknown amount for customers of these banks, February ; 14,590 10, 958 4, 7626,196j3,632 1,916 152 3 Call loans, $2,607,000,000; time loans, $617,000,000. A M M p a a r y r i c l h ... I 1 1 1 4 4 4 , , , 8 8 7 2 1 0 8 0 3 , i 1 1 1 1 0 1 , , , 0 0 9 3 2 4 3 6 8 4 4 4 , , , 8 8 8 8 5 5 8 3 0 6 6 6u , , ,, 1 1 0 u 7 4 9» 6 6 fy ! : ; 3 3 3, , , 6 8 7 7 6 9 7 2 5 ; 1 1 1 , , , 9 9 9 5 3 4 9 9 6 4 8 5 8 0 4 ACCEPTANCES AND COMMERCIAL PAPER June : 14,907 10,949, 4,866 6,082 3,958 2,054 48 July i 15,023 10, 922 4,851 6,0714,101 2,304 53 [In millions of dollars] August ! 15,031 10,834 4,787 6,046:4,198 2,336 39 Bankers' acceptances out- Commercial paper out- BY WEEKS I End of month standing standing To 1 t 9 a 3 l 0 : —July 30 I ' 23,23616, 945 8,416 8,529! j 6,29 i 1 3,365 1927 1928 ! 1929 1930 1927 1928 1929 1930 August 6 ! 23,163 16, 906 8,434 8,472l 6,257, 3,382 August 13. _. I 23,09216,857 8,376 8,48lj 6,235! 3,362 January 774 1,058 1,279 1,693 551 577 407 404 August 20___ i 23,136 16, 795 8, 3158,480 6, 340, 3,291 February 785 1,056 I 1,228 1,624 577 567 411 457 August 27. _. 23,122 16, 793 8,416; 6,329 3,302 March 809 1,085 !1,205 1,539 606 570 387 529 New York City: April _. 811 1,071 I1,111 1,414 599 571 351 553 1&30—July 30 8,202 6,050 3.586 2,464 2,152 1,072 May 775 1,041 !1,107 1,382 582 541 304 541 August 6 8,137 i 6,036 3, 6322,404 2,099 1,034 June 751 1,026 j1,113 1,305 579 503 274 527 August 13__. 8,068 6.002 3, 5852,417 2,066 1,004 July 741 978 I1,127 1,350 569 483 265 525 August 20. __ 8, 076 5,968 3, 5272,441 2,108 976 August 782 952 .-1,201 591 458 267 August 27. __ 8,108 6,010 3, 6082,402 2,098 980 September 864 1,004 !1,272 600 430 265 Other leading cities: October 975 1,123 ;1,541 j 611 427 285 1930—July 30 15,034 10,895 4,830 6,065 4,139 2,293 November 1,029 1, 200 I1,658 I 603 421 316 August 6 15, 026 10,869 4,802 6,068 4,158 2,347 December 1,081 1,284 j1, 732 j 555 383 334 August 13. _. 15,024 10, 855 4,791 6,064 4,169 2,358 August 20 15,060 10, 828 4,788 6,039 4,232 2,316 August 27 15, 015 10, 783 4,768 6,014 4,232 2,322 Figures for acceptances as compiled by American Acceptance Council; for commercial paper as reported by about 25 dealers. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
542 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 SECURITY PRICES, SECURITY ISSUES, AND BUILDING CONTRACTS SECURITY PRICES [Index numbers of Standard Statistics Co. Monthly data are averages of weekly figures] Common stocks (1926 = 100) Pre- Selected groups of industrial issues Month or date Bonds1 ferred stocks 2Total I t n r d i u a s l - R r a o i a l d - P ut u i b li l t i y c m A o u b to il - e e B m q i u n u e i g i l n p d t - - C st h o a r i e n C i h c e a m l -i ! b ap c r n a e o d s r p s - e m t E q ri l u e c e i n c a p - t l - c M e h r i a y n - - Oil Steel T ti e l x e j j Number of issues _ 60 20 404 I 337 | 33 34 13 13 17 10 16 10 30 1929—July 95.2 127.0 207 203 160 273 241 169 148 315 281 360 172 149 212 120 August 95.0 126.3 218 210 165 304 241 165 149 320 289 405 177 158 238 118 September. 94.8 126.8 225 216 168 321 241 172 155 238 294 399 191 167 244 114 October 95.1 126.4 202 194 157 277 196 152 139 305 259 345 172 161 217 103 November.. 95.7 123.9 151 145 135 195 134 114 104 214 204 227 135 131 169 78 December.. 96.5 126.4 154 147 136 201 134 113 106 228 196 241 143 132 170 77 1930—January j 96.5 126. 5 156 149 137 209 135 117 102 240 j 193 265 146 129 177 78 February 96.4 126.9 166 156 143 231 145 125 100 254 j 193 307 154 128 188 85 March I 97.8 127.8 172 • 163 ! 143 242 155 125 100 266 193 323 161 141 192 85 April _.| 97.9 128.2 181 ' 171 142 264 162 127 101 282 174 359 173 156 196 83 May ! 97.9 127.6 171 160 136 250 152 116 97 257 151 237 170 148 174 77 June... 98.2 126.8 153 ; 143 125 224 134 100 90 223 135 290 152 133 161 69 July— 98.7 125.9 149 ! 140 ! 124 215 132 98 89 217 129 277 155 133 159 67 August 99. 6 126. 5 148 139 121 213 134 97 90 219 121 278 152 130 160 66 Aug. 6_ I 99.3 126.2 151 142 123 215 139 98 92 221 130 280 154 134 163 68 Aug. 13 ! 99.4 126.3 143 135 120 205 131 94 87 206 123 265 149 129 155 65 Aug. 20 99. 126.8 147 138 121 214 133 97 90 221 117 280 153 129 161 65 Aug. 27 j 100.0 126.8 149 140 122 217 134 100 92 230 115 287 154 126 163 66 i Average price of 60 high-grade bonds adjusted for differences in coupon rate and maturity. 2 20 high-grade industrials; average price. DOMESTIC CAPITAL ISSUES FOREIGN CAPITAL ISSUES [In millions of dollars. Source: Commercial and Financial Chronicle] [In millions of dollars:] January-July January-July July,1930 July, 1930 1930 1929 1930 1929 Class of issue Class of issue Re- Re- j Re- Gov- Cor-1 Gov- Cor- Gov- Cor- New fund- New fund- New fund- ern- po- ern- po- poing ing j ing ment rate ment rate rate Total___ 474.7 28.8 4, 561. 0 206. 7 5, 648. 9 j 919. 5 Total . 29.1 ; 632.7 209. 8 374.8 Corporate issues. 367.2 26. 5 3, 688. 4 282.7 4,919.9 911.3 New issues 29.1 547.4 1 194.3359. 3 Bonds and notes- Europe __ 131. 3 6 84.1 56.9 Long-term _ 241.1 21.2 2,051.7 211.7 1,299.8 389.9 Canada and Newfound- Short-term 55.7 5.3 346. 4 57. 6 121. 1 ! 43.0 land 6.8 102.3 C3. 3 91.4 Stocks 70.4 1, 290. 3 13. 4 3,499.0 : 478.4 Latin America 15.6 147.1 44.9 43. 5 Farm-loan issues.•_ 30. 5 U.S. insular possessions. _ 106. 5 2.0 7.8 Municipal issues 107.5 2.3 842. I 14.0 729. 0 | 8. 2 Miscellaneous. _ 8.0 57.3 190.9 159. 8 Total new and re- Refunding issues 85.3 15.5 funding oor.0 4, 857. "'> 6, 5C8. 4 Total Government and corporate 84.2 931.8 584. 6 BUILDING CONTRACTS AWARDED, BY TYPES OF BUILDING [Value of contracts in millions of dolhrsj Total Residential Industrial Commercial P p u u b b li l c i c w u o t r i k l s i ti a e n s d Educational All other 1929 1930 1929 1930 1929 1930 1929 1930 1929 I 1930 1929 1930 1930 1930 January - 410.0 324.0 13.8. 1 66.6 63.1 38. 3 100.4 54.1 66. 5 ' 112.1 17.7 19.0 24 1 34 0 February _. . 361.3 317. 1 i 129. 5 74.8 56.1 ! 33.5 68.3 72.9 57. 6 85. 8 22.6 = 21.2 27.3 "28.8 March 484.8 456.1 i 197 2 101.5 55. 8 74. 3 75.6 77.0 71. 5 105. 3 37.5 35.4 47.2 62.6 April _ _ 642.1 M82.9 ' 256.8 123.1 68. 2 38. 1 78 0 73.2 152.1 j 149. 7 29 9 r 35 2 57 1 r 63 5 May 587. 8 457.4 I 192 0 116.6 80.8 \ 54.6 86.5 73.3 139.4 ' 134.9 38.2 36.9 50.9 41.1 June.. .. 545.9 600.6 ' 189.8 96.8 70. 0 93. 6 80.9 59.1 120.8 i 251.9 43 4 48. 9 40 9 50.2 July 652. 4 367. 5 | 199. 9 84.3 66. 6 35. 2 91. 3 46.9 194. 5 i 114. 9 48.0 42.7 52.0 43.5 Year to date 3, 684. 2 3,005. o 1, 303. 3 460. 7 367. 6 580. 9 456. 6 802. 5 954. 6 237. 3 r 239. 3 299. 6 r 323. 8 August 488. 9 146. 1 75.3 72.0 119.3 32.3 43.9 September _ 445.4 _j 118.4 52.6 ... 76 9 117.2 29.8 50 4 October . 445.6 137. 7 60.9 67.7 85.1 36.9 57.3 November 391 0 113.5 39.7 .. 101. 8 72.4 25.7 38 0 316.4 114 0 67 4 33 4 51 8 19 8 29 9 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. c Corrected. r Revise!. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
543 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, CAR LOADINGS, AND PRICES [Index numbers; 1923-1925 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variations] Industrial production * Build- j Fac- Fac- Freight car loadings * Co p m ri m ce o s d f ity ing con-i tory tory tracts | em- pay award- j ploy- rolls Merchandise in Year and month Total Manufactures ! Minerals ed ! ment Total less-than-carload lots All Farm com- I mod- prod- Unad- Ad- Unad- Ad- ! Unad- Ad- Unad- Unad- Unad- Unad- Ad- ; Unad- I Ad- ities ucts justed justed justed justed justed justed justed justed justed justed justed ' justed justed 1919 83 84 77 I 64 107 84 139 158 1920 87 87 89 | 63 108 118 91 72 :_ 154 151 1921 67 67 III 57 82 77 79 87 ;. 98 88 1922 ._. 85 87 81 90 81 86 93 !. 97 94 1923 .-_ 101 101 84 104 103 100 96 j. 101 99 1924 95 94 105 95 96 96 98 99 I. 98 100 1925 104 105 96 122 100 101 103 104 . 104 110 1926 108 108 99 130 101 104 107 107 '_. 100 100 1927 106 106 108 128 99 102 103 105 i. 95 99 1928 — 111 111 107 135 97 102 103 104 L. 98 106 1929 118 119 106 117 100 107 106 104 L 97 105 115 1926 March 110 107 111 108 104 146 103 107 104 107 : 106 100 102 April -. 108 107 110 107 108 139 102 105 107 107 ! 106 100 103 May 107 106 108 106 103 104 134 101 104 106 107 108 : 105 101 102 June 106 108 106 108 109 106 133 101 104 110 109 108 ; 107 101 101 July... 103 107 102 107 110 107 126 99 99 111 108 106 i 106 100 j 99 August 109 110 108 111 115 109 148 101 104 113 108 107 106 99 97 September _ 113 112 112 112 119 110 137 103 105 122 109 112 ! 107 100 October 114 111 112 111 124 114 126 103 108 123 109 112 ! 107 November 110 108 108 106 123 118 119 101 105 113 109 no ; 108 95 December 101 105 99 103 113 119 131 100 104 107 108 95 1927 103 i January 105 106 104 105 112 116 99 97 105 100 • 108 97 February 111 108 110 107 113 117 100 105 100 109 104 ! 109 95 March.._ 113 111 113 110 111 118 151 100 106 102 108 108 : 107 94 April 110 109 112 109 96 107 147 100 105 100 108 108 i 107 94 May 112 111 113 111 108 109 135 104 105 106 106 ! 104 96 June 107 108 107 109 108 105 154 102 106 104 105 i 104 97 July.... 102 106 102 107 103 100 130 99 104 101 104 I 104 98 August 105 107 104 107 111 106 135 102 109 104 105 i 104 102 September 107 105 106 105 111 104 127 101 102 116 104 110 i 104 106 October 105 103 104 102 112 105 137 103 114 101 109 \ 105 105 November 101 99 100 99 105 101 114 101 97 106 i 104 104 December 96 100 95 99 97 103 116 95 103 104 1928 January 105 106 106 j 106 100 103 104 96 92 100 I 106 106 February 111 109 114 j 110 103 113 101 94 102 | 101 ! 105 105 March _ 112 110 115 ! 111 103 144 103 97 102 105 : 104 104 April 110 109 113 j 110 94 105 157 100 96 104 105 ! 104 :: S May 110 109 111 I 109 104 105 163 101 104 105 106 104 i. • June 108 109 109 ! 111 104 101 158 96 101 103 102 105 103 107 July 105 110 106 111 103 101 142 96 98 105 102 104 i 104 107 August 110 112 110 113 111 105 126 98 103 109 104 104 103 107 September _ _ 116 114 116 116 115 107 143 100 104 119 106 109 i 104 100 109 October 118 115 117 115 123 114 145 100 107 119 106 109 ! 105 104 November 115 113 115 113 117 113 115 99 104 108 104 106 | 104 102 December 108 113 109 114 106 112 105 104 95 103 100 105 104 1929 January 116 117 116 117 114 118 100 97 101 95 104 97 105 106 February 120 117 120 116 116 120 88 100 108 99 107 101 105 105 March 121 118 125 120 j 101 107 118 101 111 98 103 106 105 107 April 124 122 127 123 104 115 156 102 111 102 111 107 106 97 105 May 125 124 127 125 116 116 143 102 111 110 111 108 108 96 102 June 128 127 126 129 116 113 133 101 109 109 108 105 104 103 July... 119 124 119 126 118 114 159 101 105 111 108 105 105 108 August 121 123 121 125 121 115 119 102 109 114 109 106 105 107 September 123 122 122 122 127 118 108 103 111 121 108 110 105 107 October 120 117 119 117 127 118 109 102 110 118 ! 104 109 105 104 November 108 106 107 105 114 110 95 98 102 102 ! 99 106 104 101 December 95 99 92 96 110 116 77 95 90 i 97 96 101 102 1930 January. 103 104 102 102 107 112 79 93 97 94 102 I i 101 February. 109 107 110 '106 104 109 77 93 92 ! 99 98 102 92 ! March 106 104 109 105 91 96 111 93 90 | 95 101 100 91 95 April 107 106 110 107 93 104 118 92 93 ! 101 101 100 | 91 96 May 105 104 106 104 102 103 111 90 97 98 101 99 89 93 June 100 100 99 101 103 100 146 88 95 94 97 87 89 July P94 *»89 * 100 »97 89 85 95 92 94 84 83 * Average per working-day, except for annual indexes. t Wholesale price index of Bureau of Labor Statistics; 1926=»100. Index numbers for all major groups of commodities are given on p. 567. p Preliminary. »• Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
544 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 INDUSTRIAL PRODUCTION, BY INDUSTRIES [Index numbers of the Federal Reserve Board. Adjusted for seasonal variations. 1923-1925 average=100] 1929 1930 Industry May June July Aug. Sept. ! Oct. Nov. Dec. Jan. | Feb.Mar. Apr. i May i June j July MANUFACTURES IRON AND STEEL 145 155 152 143 140 124 i 100 90 99 I 119 I 113 114 111 ! 110 9a Pig iron 126 127 131 128 122 118 ! 107 95 94 ! 101 ! 102 102 104 101 91 Steel ingots 147 158 154 144 142 125 100 90 100 120 ; 114 115 112 ! 111 93 TEXTILES 121 121 118 120 116 118 108 96 103 99 ! 98 96 90 84 84 Cotton consumption 125 122 119 119 115 117 104 90 102 94 94 100 91 85 82 Wool 102 101 97 101 98 101 i 89 77 78 76 71 72 70 31 6& Consumption 109 107 109 114 106 109 ! 94 80 85 81 77 80 74 SO Machinery activity i 92 93 85 86 89 ' 91 i 82 74 72 73 65 62 69 73 65 Carpet, rugloomactivity i_ 98 95 83 90 90 ! 96 88 75 69 70 66 66 60 49; 43; Silk 138 149 146 150 148 ; 148 145 140 141 145 150 125 117 100 i 113 Deliveries 142 160 156 161 158 i 158 ! 153 148 145 149 155 123 121 99 i 120 Loom activity 130 128 127 130 128 ! 130 | 128 124 133 138 140 128 111 102 98 FOOD PRODUCTS. 97 96 96 100 98 ; 96 i 96 95 96 94 ! 90 97 98 93 i 94 Slaughtering, meat packing._ 92 90 94 93 101 ! 97 I 95 91 92 85 94 94 90 89 Hogs 94 90 96 94 106 ! 104 101 96 93 80 93 94 88 85 Cattle 86 87 88 88 91 82 81 87 86 88 89 88 90 89 Calves 91 83 90 85 99 ' 88 91 97 92 92 100 89 86 93. Sheep 125 117 124 126 126 125 125 113 116 132 141 147 142 137 139 Flour 113 109 101 107 99 i 91 92 94 92 97 101 105 104 104 101 Sugar meltings 90 103 94 113 84 99 106 111 127 94 90 96 105 84 106 PAPER AND PRINTING 127 128 125 125 130 i 126 123 118 122 122 121 122 119 117 111 Wood pulp and paper 122 119 121 119 121 ! 120 118 113 118 116 116 116 113 108 105 Newsprint 93 92 91 95 94 ! 94 92 93 95 97 91 86 89 88 84 Book paper 134 133 138 134 143 i 145 139 139 140 125 128 133 120 '115 112 Fine paper ___ 119 120 122 118 119 ; 119 120 116 118 118 121 116 111 105 108 Wrapping paper 109 107 101 101 101 ! 96 97 95 93 92 99 98 99 95 89 Paper board 144 131 136 131 128 : 130 131 107 r127 131 ' 125 132 '132 122 123- N Pa e p w e W W s r p o o b r o o o i d d n x t e p p s c u u o l l n p p s , , u c m m h e e p c m t h i i o a c n n a i l cal __ 1 1 1 9 3 2 5 2 7 0 0 1 1 1 1 0 8 1 4 0 0 8 2 1 1 1 1 0 3 1 5 3 1 7 2 1 1 1 1 0 6 3 2 1 9 5 0 1 1 1 1 0 2 4 7 0 0 8 8 j ! | 1 1 1 9 5 1 3 1 6 8 9 1 1 1 8 1 4 3 5 3 4 3 1 1 1 9 1 2 3 1 6 5 4 1 1 1 9 1 3 4 6 5 1 7 1 1 1 1 4 1 1 3 7 1 9 7 1 1 1 1 0 1 4 3 6 7 9 0 1 1 1 8 4 1 3 9 9 4 2 1 1 1 9 5 1 3 0 1 5 2 ' 1 1 1 9 1 7 3 8 0 3 2 i j i 1 1 o 8 2 4 9 4 6 a TRANSPORTATION EQUIPMENT: Automobiles 148 162 142 143 133 ! 113 81 49 103 | 110 109 | 109 104 98 75 L Sh o i c p o b m u o il t d iv in es g 9 5 3 5 1 4 3 6 0 1 5 5 9 6 1 5 7 5 5 1 4 0 9 1 •! 5 7 7 5 4 6 5 9 9 3 7 2 1 3 7 9 0 ! | 1 4 0 0 2 8 4 0 8 ! 1 5 2 1 8 1 4 4 3 7 1 4 6 2 4 40 LEATHER AND PRODUCTS 101 113 114 117 116 113 106 93 96 I 96 99 94 101 100 Tanning 93 106 105 103 105 108 103 99 93 93 99 99 103 107 Sole leather i 84 93 94 i 94 95 94 101 99 100 100 103 Upper leather- Cattle 74 75 80 87 83 76 66 79 72 73: Calf and kip 96 ! 104 111 108 102 , 100 70 j 68 76 80 ; 85 95 92 ! 106 Boots an G d o s a h t o a e n s d kid _. 1 1 1 0 6 6 1 1 5 1 3 8 1 1 5 2 8 0 1 1 3 2 6 5 1 12 4 3 4 ! | 1 1 4 1 7 7 1 1 4 0 5 8 1 9 5 0 1 1 9 2 8 9 1 9 2 7 7 1 9 3 7 6 j j 131 1 9 2 1 8 ; 145 ; 1 9 5 5 4 CEMENT AND GLASS: Cement 111 116 118 122 118 113 109 110 108 I 110 111 j 108 119 ; 119 116 Glass, plate 146 154 164 168 174 172 149 117 124 122 117 I 131 143 ! 114 ' 105 NONFERROUS METALS 2 137 126 127 122 125 ' 122 119 113 105 101 104 I 105 101 '• 98 Copper (smelter) 1_. 145 130 133 126 127 ! 125 126 122 110 103 103 103 101 i 94 ! Tin (deliveries) i 145 137 123 120 131 ! 125 112 106 92 117 'I 132 107 ; 99 ; 103 FUELS, MANUFACTURED: Petroleum refining 168 170 171 176 173 ! 178 171 166 163 168 168 ! 174 173 i 170 j 166 Gasoline 1 196 199 205 209 208 ; 215 209 201 199 204 204 214 213 210 | 206 Kerosene 103 110 95 108 95 103 93 90 89 96 99 93 90 j 90 85 Fuel oil i 140 140 138 142 141 , 142 136 132 121 125 117 121 123 i 117 113 Lubricating oil i 126 126 123 131 123 121 110 115 120 126 130 : 138 133 ' 126 126 Coke (by-product) 149 151 151 152 147 146 139 131 132 136 135 i 138 137 : 132 123 RUBBER TIRES AND TUBES 158 162 141 119 116 114 94 80 106 107 105 : 123 121 , 119 Tires, pneumatic 163 167 146 123 120 117 97 82 109 110 108 127 125 i 122 Inner tubes 121 125 105 87 90 87 74 70 85 85 84 97 96 ! 93 71 TOBACCO PRODUCTS i 142 139 131 133 136 135 130 133 131 133 128 i, 136 134 ! 14.1 137 Cigars__ _! 101 100 97 99 100 99 96 83 84 92 87 ! 92 94 91 88 Cigarettes I 178 172 160 163 168 168 160 172 167 166 161 172 167 183 177 MINERALS COAL: Bituminous 104 102 102 103 103 104 100 92 81 ! 97 92 ! Anthracite __ 86 76 72 81 106 116 92 121 106 101 69 I 73 81 i 78 82 Petroleum, crude 134 135 143 145 140 140 131 132 132 135 125 128 127; 124 I 120 Iron ore shipments 143 126 119 121 121 107 98 104 j 108 ! 95 Copper (mined) 139 124 122 119 125 123 118 101 j 95 90 90 j 83 Zinc 121 120 124 127 120 ! 119 106 104 ! 98 94 94 ! 92 Lead 122 112 114 107 119 i 115 114 105 92 | 106 104 105 j Silver 93 94 91 94 114 87 80 : 71 i Without seasonal adjustment. 2 includes also lead and zinc; see " Minerals." v Preliminary. NOTE.—The combined index of industrial production is computed from figures for 58 statistical series, 50 of manufactures, and 8 of minerals most of which are shown in this table. Adjustments have been made in the different industries for the varying number of working days in each month and for customary seasonal variations, and the individual products and industries have been weighted in accordance with their relative importance. The sources of data and methods of construction were described in the BULLETIN for February and March, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN 545 SEPTEMBER, 1930 FACTORY EMPLOYMENT AND PAY ROLLS INDEXES OF FACTORY EMPLOYMENT AND PAY ROLLS [ Without seasonal adjustment. Monthly average 1923-1925=100] FACTORY EMPLOYMENT ( 1923-25=100 ) Factory employment Factory pay rolls Month 1927 1928 1929 1930 1927 1928 1929 1930 January 98.1 94.2 97.4 92.9 98.6 95.7 100.7 94.2 February 99.7 95.7 99.7 92.9 104.8 101.1 108.0 97.4 March 100.4 96.6 101.3 92.7 106.3 102.5 110.8 98.0 April 99.8 96.0 101.8 92.1 105.0 100.3 111.3 96.7 May 99.1 95.7 101.6 90.4 104.3 100.8 111.2 94.1 June 99.0 96.2 101.2 88.2 102.5 100.9 109.2 90.3 July _. 98.0 95.7 100.7 84.6 98.6 98.3 104.8 82.0 August 99.2 98.3 102.0 102.2 102.5 109.4 September.. 100.6 100.3 103.4 101.9 104.2 110.5 •_- Adjusted for Ssasorwrf Variations October 99.3 100.2 102.1 102.5 107.5 110.0 Without Seasonal Adjustment November.. 96.9 98 8 98 2 98 5 103 6 102 0 December... 95.5 98.1 94.8 99.4 104.2 98.7 80 Annual in- 1923 1924- 1925 1926 1927 1928 1929 1930 dex 98.8 97.2 100.4 102.0 101.8 107.2 Seasonal adjustment provisional FACTORY EMPLOYMENT: INDEXES BY GROUPS Transportation | Month I s a r t n e o e d n l ch M in a e - ry Textiles p F u r o c o o t d s d - P p a r i a n i n p n g d e t r - L p u a b r u n c o e m t d d r s - - Gr e o q u u p ipm A en u t t o- 1 i : |L p e U a r a C o n t t d h d S - er m c g a C l l e n a a e n d s y - s t , , N m r o e o n t u f a e s l r s - Gr C ou h p emi P c le a e u l t s r m o- R p u u r c b o t b d s e - r b p u T a r c o c o t e d - s o mobiles refining 1929—April ! 99.7 116.7 99.3 96.2 102.5 88.2 101.7 131.4 90.6 90.5 107.7 119.0 111.9 114.3 91.3 May ___! 100.7 119.1 97.3 97.3 102.8 89.2 101.5 130.0 i 90.3 93.1 105.3 110.3 114.4 115.3 90.3 June ..! 100.8 120.8 96.3 99.2 103.2 90.0 97.6 120.6 89.4 93.8 102.9 107.9 116.4 115.0 91.4 July... ! 99.8 121.5 91.5 99.8 103.6 90.5 96.4 117.8 94.6 91.6 100.5 108.9 120.0 114.2 90.5 August .j 101.0 119.4 94.2 99.7 104.1 92.2 95.5 115.0 : 98.1 93.8 99.8 111.2 121.9 111.5 93.0 September. _, 101.0 119.5 98.4 102.4 106.0 91.8 94.8 113.1 99.5 93.6 98.6 114.5 124.0 108.3 93.7 October...... 99.4 118.7 99.8 104.2 106.1 90.1 90.2 101.3 99.3 91.9 98.5 116.1 124.6 102.7 95.0 November. _; 97.0 115.0 97.1 101.6 106.7 86.7 82.9 83.7 94.4 88.9 93.6 113.8 123.7 91.2 96.1 December... j 92.2 112.1 94.3 100.5 106.9 81.6 81.3 79.6 i 90.0 82.3 111.8 120. 9 89.2 89.2 1930—January 91.7 109.9 92.8 97.4 105.1 76.8 83.2 85.7 ; 91.4 74.7 85.9 110.6 120.8 89.7 84.2 February I 93.5 109.3 92.9 96.7 104.0 75.0 83.9 89.7 92.4 75.3 84.6 110.2 120.9 87.9 88.9 March 92.8 108.5 92.9 95.0 103.7 75.0 83.2 91.0 91.5 78.4 84.3 112.5 118.5 87.2 89.6 April 93.0 106.9 90.3 94.0 102.6 74.2 84.0 93.9 : 81.2 82.9 111.7 116.1 88.6 88.0 May 92.7 103.6 86.8 94.5 102.4 73.4 84.0 95.3 ; 81.7 81.2 104.6 114.1 88.3 89.4 June 90.0 100.1 83.6 95.6 101.5 71.7 80.2 88.8 84.5 80.4 80.2 101.8 114.0 88.0 89.2 July 86.1 95.2 76.6 95.0 100.5 68.2 74.8 81.0 75.8 77.7 101.0 113.6 82.7 88.2 FACTORY PAY ROLLS: INDEXES BY GROUPS Transportation Month I s a r t n o ee d n l ch M in a e - ryTextiles p F u r o c o o t d s d - p P a r i a n i n p n g d e t- r L p u a b r u n c o e m t d d r s - - Gr e o q u u p ipm m A e o u n b t t i o le - s L p e u a r a n c o t t d d h s - er m c g a C l l e n a a e n y d s - t s , , N m r o o e n t u a f s e ls r- Gr C ou h p emi P c le a e u l t s r m o- R p u u r c b o t b d s - er b p u T a r c o c o t c d - s o refining 1929—April 110.5 129.5 103.2 100.4 113.3 90.9 117.0 152.0 87.9 89.3 127.0 117.8 117.1 124.4 86.1 May 111.6 131.9 99.3 103.1 114.3 92.8 116.0 147.1 88.1 91.8 123.1 113.1 118.9 125.7 86.1 June 109.9 131.6 97.8 105.6 113.6 92.2 107.9 130.9 89.8 92.5 117.0 111.2 120.0 120.6 88.5 July 103.5 128.2 90.4 105.6 111.4 93.5 97.1 110.2 97.8 86.1 112.6 111.2 123.3 115.1 87.9 August 109.3 127.5 97.4 105.0 112.8 94.7 106.8 128.0 105.0 91.2 113.2 113.0 125.1 110.9 90.6 September.- 108.9 127.9 103.0 108.1 116.3 96.6 103.3 120.3 104.3 91.3 112.1 116.0 129.3 104.9 93.4 October 107.9 129.0 104.8 108.8 117.8 96.8 99.8 108.0 100.0 90.6 112.5 118.2 129.4 100.9 94.2 November. _ 100.0 121.6 96.2 105.5 117.2 89.2 89.4 84.3 83.9 86.4 99.6 115.6 126.3 85.9 94.3 December... 93.5 119.9 93.8 105.5 118.2 82.7 85.6 72.9 84.1 80.2 96.1 114.0 124.8 85.0 88.8 1930—January 90.5 113.8 92.2 102.5 114.9 72.8 80.9 74.0 85.4 67.3 91.5 109.3 121.1 88.9 77.0 February._. 98.1 115.2 94.1 101.6 114.9 72.6 89.8 92.7 86.2 70.2 91.7 110.0 125.0 92.1 80.0 March 97.1 115.1 96.6 99.7 115.0 74.6 90.6 97.3 85.2 73.4 91.0 111.6 123.1 90.0 81.0 April 97.7 113.4 89.3 99.7 113.5 73.8 92.0 100.8 81.6 77.1 88.3 110.9 122.1 94.5 77.1 May 95.5 108.3 82.7 100.7 113.3 73.2 91.1 101.7 75.6 76.9 84.4 106.6 120.5 95.4 82.1 June 90.8 102.7 77.8 102. 3 111.9 70.9 83.8 89.2 73.8 76.1 85.0 105.3 121.7 88.3 84.4 July 78.6 90.9 69.2 100.3 107.3 63.0 71.7 72.4 78.6 66.4 76.0 100.8 118.1 80.8 81.9 NOTE.—These tables contain index numbers of factory employment and factory pay rolls for certain months, together with group indexes for important industrial components. The nature and sources of basic data and the method of construction were described and the indexes for the period January, 1919, to November, 1929, were published in the BULLETIN for November, 1929, pp. 706-716. 9442—30 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
546 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 BANKING AND BUSINESS CONDITIONS IN FEDERAL RESERVE DISTRICTS FEDERAL RESERVE BANK DISCOUNTS-BY DISTRICTS MILLIONS OF DOLLARS ( Weekiy report date figures ) MILLIONS OF DOLLARS 1925 1327 1928 1929 1930 1926 1927 ^92& 1929 1930 Latest figures are for August 27; see table on following page Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 547 FEDERAL RESERVE BANKS—RESERVES, DEPOSITS, NOTE CIRCULATION, AND RESERVE PERCENTAGES [Averages of daily figures. Amounts in thousands of dollars] Total cash reserves Total deposits Federa c l i r r c e u s l e a r t v io e n n l otes in Reserve percentages Federal reserve bank 1930 1929 1930 1929 1930 1929 1930 1929 August July August August July August August July August August! July August Boston 230,906 244,623 238, 901 148, 623 151,387 147, 761 136, 476 145,339 172,896 81.0 82.4 74.5 New York 973,123 995, 481 914, 830 999, 654 1,021,197 932,491 162,926 163,698 315, 604 83.7 84.0 73.3 Philadelphia 232,180 224, 764 210,157 143, 466 141,777 136,247 127,172 127,813 156, 353 85.8 83.4 71.8 Cleveland 339,661 332, 828 305,910 205,196 205,177 191, 678 189,881 189, 861 195, 495 86.0 84.3 79.0 Richmond 93,239 98, 030 93,359 67,748 67, 694 68, 393 63,275 65,062 79, 066 71.2 73.8 63.3 Atlanta 132,815 139,462 135,154 62,187 63,335 62, 044 114,564 119, 437 153,412 75.1 76.3 62.7 Chicago 453,602 467, 890 569,471 356,131 356,113 357,420 174,332 191,832 332,072 85. 5 85.4 82.6 St. Louis 109,256 114,241 79, 684 78, 593 79, 235 78, 365 67,741 71, 268 62, 296 74.7 75.9 56.6 Minneapolis 69,391 72, 626 85, 546 51,065 51, 828 53,930 49,407 52, 726 64,768 69.0 69. 5 72.1 Kansas City 117,474 118, 571 138,128 91,028 90, 656 95,192 69,353 69,930 77, 652 73.2 73.8 79.9 Dallas i 51,521 55, 770 57, 839 59,098 60, 739 62, 323 32,946 31,936 45, 583 56.0 60.2 53. 6 San Francisco ! 298, 758 305. 570 288, 576 184, 924 187, 586 182, 586 158,985 161, 365 175,847 87.6 80.5 Total.. .|3,101,926 3,169, 856 3,117,555 j 2,447, 7132,476, 724 2, 368, 430 1,347,058 1, 390, 2671,831,044 81.7 82.0 74.2 i Includes' 'Federal reserve notes of other Federal reserve banks" as follows: Latest month, $19,196,000; month ago, $20,707,000; year ago, $30,268,000. ALL MEMBER BANKS-DEPOSITS SUBJECT TO RESERVES, RESERVES HELD, AND INDEBTEDNESS AT FEDERAL. RESERVE BANKS [Averages of daily figures. In millions of dollars] Reserves held Net demand deposits Time deposits Indebtedness at Federal reserve banks Federal reserve district Total Excess June May June May June May June May June May Boston.. 1,340 1,342 988 970 145. 8 145. 2 1.6 1.5 17.3 17.7 New York 7,305 7,134 3,454 3,389 990.3 962.7 15.2 11.1 57.0 58.0 Philadelphia 1,164 1,137 1,129 1,121 137.8 134. 8 2.3 2.0 28.1 29.8 R C i le c v h e m la o n n d d t 1,5 5 6 2 3 4 1,5 5 2 3 0 5 1,6 5 7 5 0 9 1, 5 6 5 6 6 3 1 6 9 3 5 . . 2 1 1 6 8 3 9 . . 9 9 4 2 . . 6 1 3 2 . . 9 1 2 1 3 9 . . 6 6 2 1 1 7 . . 0 2 Atlanta ._ ___ 519 550 447 450 61.3 63.0 3.1 2.2 30.1 26.9 Chicago 2, 599 2,604 2,114 2,092 348.8 346.9 9.0 8.0 18.1 20.7 St. Louis 668 676 521 532 76.6 77.5 2.1 2.0 18.1 15.5 Minneapolis 433 423 449 451 51.8 51.0 2.6 2.4 3.8 3.6 Kansas City 821 829 369 368 88.0 87.4 4.9 3.6 13.6 14.3 Dallas . 603 623 244 241 59.9 61.4 2.6 2.4 10.2 8.7 San Francisco 1,274 1, 269 1,748 1.750 173.1 172.8 3.8 4.0 10.3 11.8 Total __ 18,812 18, 645 13, 693 13, 584 2,391.8 2, 356. 4 53.9 45.1 249.8 245.2 DISCOUNTS OF FEDERAL RESERVE BANKS, BY WEEKS DISCOUNTS OF FEDERAL RESERVE BANKS, BY MONTHS [In thousands of dollars] [Averages of daily figures. In millions of dollars] Federal reserve bank Aug. 6 Aug. 13 Aug. 20 Aug. 27 1930 1929 Federal reserve bank Boston 10,142 10, 936 12,823 14,884 August July August New York 45,157 32, 347 32,034 31, 215 Philadelphia.. 19, 461 17, 218 16, 604 16, 668 Cleveland 16, 111 15, 320 13, 796 15, 071 Boston 12.6 12 6 79 5 Richmond 21, 285 19, 497 23, 521 20, 628 New York. _. 47.6 44.0 303.3 Atlanta 28, 920 29, 561 30,026 29, 558 Philadelphia 18.2 24.4 92.8 S M C K t h a . i i n n c L s n a o a g e u s a o i p s C o i l t i y s _ .. . 1 1 3 4 9 5 , , , , 3 4 8 3 7 1 2 2 7 0 3 5 1 1 4 5 4 9 , , , , 1 4 2 9 1 6 5 4 5 0 0 3 1 16 5 8 4 , , , , 4 8 5 9 2 7 0 6 0 0 9 3 1 14 5 4 8 , , , , 8 3 9 4 0 3 2 0 8 0 2 6 A R C Ch i l t e c l i a v c h n a e m g t l a a o o n n d d _ . . 2 2 1 1 1 9 5 6 . . . . 4 9 7 5 2 2 1 1 8 4 9 9 . . . 9 0 8 9 1 f 1 7 5 2 9 7 9 0 5 . 7 . . 1 0 6 D Sa a n ll a F s rancisco. 13 8 , , 6 2 5 5 9 3 14 7 , , 7 0 7 9 0 8 13 7 , , 6 9 2 8 8 5 14 7 , , 5 2 1 6 8 7 S M t. i n L n o e u a i p s olis . . _ 1 4 5 . . 4 1 1 4 6 . 2 3 2 67 4 .3 2 Kansas City . ... 9.2 10.4 33.7 Total... 205, 923 190, 515 196,179 193,275 Dallas 13.9 11.5 43 4 San Francisco.._ 9.5 10.0 64.9 Total __ 214.0 226.0 1,043. 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
548 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 WEEKLY REPORTING MEMBER BANKS IN LEADING CITIES PRINCIPAL RESOURCES AND LIABILITIES BY WEEKS fin millions of dollars] Federal Reserve District City Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - lanta c C a h g i o - L S ou t. is n M o e i l a n i p s - - K C s a i a t n s y - DallasF c S i r s a a c n n o - c C a h g i o - Loans and investments: Aug. 6 23,163 1,516 9,401 1,266 2,280 654 589 I 3,394 672 354 653 436 1,948 8,136 2,026 Aug. 13 23,092 1,511 9,330 1,276 2,275 649 58"4 3,391 673 355 651 437 1,961 8,068 2,023 Aug. 20 23,136 1,511 9,337 1,278 2,273 653 592 3,396 666 356 659 435 1,980 8,076 2,034 Aug. 27 23,122 1,518 9,362 1,275 2,277 650 586 3,386 663 353 646 435 1,972 8,108 2,025 Loans: Aug. 6 16,906 1,144 6,929 932 1,508 469 2,633 518 230 431 328 1,329 1,575 Aug. 13 16,857 1,138 6,896 937 1,499 467 449 2,617 519 234 430 329 1,342 6,002 1,565 Aug. 20 16, 795 1,130 6,859 933 1,495 469 454 2,596 509 235 432 328 1.356 5,968 1,551 Aug. 27 16,793 1,143 6,891 926 1,492 464 449 2,595 506 232 417 328 1,351 6,010 1,552 On securities— Aug. 6 8,434 508 4,075 504 746 181 150 1,288 243 79 131 98 431 3,632 919 Aug. 13 8,376 503 4,021 500 737 177 151 1,282 242 78 133 99 452 3,585 920 Aug. 20 8,315 498 3,965 498 738 178 153 1,278 232 79 136 98 461 3,527 919 Aug. 27 ._.. 8,377 506 4,040 494 734 176 150 1,285 232 78 124 96 462 923 All other— Aug. 6 8,472 636 2,855 427 762 288 1,346 276 151 300 230 2,404 656 Aug. 13 8,481 634 2,875 438 761 290 298 1,335 277 155 297 230 2,417 645 Aug. 20 8,480 632 2,893 435 757 291 301 1,318 277 156 296 230 895 2,441 632 Aug. 27 8,416 637 2,851 432 758 299 1,311 274 154 293 232 2,402 629 Investments: Aug. 6 6,257 372 2,472 334 772 185 136 760 153 124 222 108 619 2,099 451 Aug. 13 6,235 373 2,434 338 777 183 135 773 154 121 220 108 619 2,066 458 Aug. 20 6,340 381 2,479 345 777 184 138 799 157 121 227 107 624 2,108 483 Aug. 27 6,329 376 2,471 348 186 137 791 157 121 229 107 622 2,098 473 U. S. Government securities— Aug. 6 2,877 151 ,201 78 367 349 30 70 92 61 1.079 195 Aug. 13. 2,860 151 ,187 79 371 352 30 67 91 62 329 1.065 191 Aug. 20 2,922 153 ,213 86 372 366 32 67 97 61 331 1,090 205 Aug. 20 2,909 152 ,201 85 381 361 33 67 96 60 329 1,077 200 All other— Aug. 6 3,380 220 ,271 256 404 102 411 124 54 130 46 1,020 257 Aug. 13 3,375 222 ,247 260 405 102 422 125 54 129 47 1,002 267 Aug. 20 3,418 228 ,266 259 405 103 433 125 54 131 46 293 1,018 278 Aug. 27.... 3,420 224 ,269 263 405 106 429 123 55 133 46 292 1,021 273 Reserve with Federal reserve banks: Aug. 6 1,752 814 141 43 282 25 57 32 105 754 194 Aug. 13 1,789 100 852 83 141 41 273 24 57 32 104 787 191 Aug. 20 1,807 847 85 146 42 279 25 57 34 110 782 190 Aug. 27 1,814 870 82 143 39 278 24 56 33 109 192 Cash in vault: Aug. 6 205 15 57 11 26 10 32 5 10 7 17 45 13 Aug. 13 214 15 58 12 29 11 34 5 11 7 18 45 14 Aug. 20 203 14 56 12 11 31 5 10 7 17 44 12 Aug. 27 211 14 58 12 11 33 5 11 7 18 46 13 Net demand deposits: Aug. 6 13,664 895 6,185 751 1,138 356 311 1,932 375 216 492 266 749 5,595 1,286 Aug. 13 13, 705 878 6,181 754 1,147 352 313 , 933 378 221 506 274 769 5,595 1,285 Aug. 20 13, 627 881 6,145 752 1,144 350 311 ,941 371 218 491 273 750 5,558 1,292 Aug. 27 13,606 878 6,214 743 1,143 351 311 ,906 369 215 479 269 730 5,631 1,280 Time deposits: Aug. 6 7,357 515 1,975 330 1,008 251 243 ,325 237 130 188 151 1,004 1,420 652 Aug. 13 7,394 518 2,004 332 1,016 253 242 ,319 238 131 189 151 1,001 1,440 651 Aug. 20 7,408 520 2,001 334 1,015 253 244 ,314 238 131 190 151 1,019 1,436 647 Aug. 27 7,439 526 2,010 335 1,015 253 242 ,322 239 130 192 151 1,023 1,444 652 Government deposits: Aug. 6 65 5 23 6 6 5 5 3 1 1 4 5 22 3 Aug. 13 46 4 17 4 4 3 4 2 1 1 3 4 15 2 Aug. 20 46 4 17 4 4 3 4 2 1 1 3 4 15 2 Aug. 27 46 4 17 4 4 3 4 2 1 1 3 4 15 2 Due from banks: Aug. 6 1,518 67 158 101 134 81 76 260 65 79 191 85 222 96 154 Aug. 13 1,564 66 156 101 137 83 76 259 65 81 222 90 227 94 155 Aug. 2O.._ 1,478 66 141 95 128 78 72 245 66 75 190 92 229 87 142 Aug. 27 1,502 64 146 92 126 82 81 249 63 78 195 93 235 151 Due to banks: Aug. 6 3,382 129 1,118 226 338 111 523 131 83 251 89 287 1,034 371 Aug. 13 3,362 130 1,092 223 345 108 96 528 128 83 252 90 288 1,004 371 Aug. 20 3,291 127 1,056 216, 342 107 511 125 82 243 93 293 976 358 Aug. 27 3,302 131 1,060 214 345 107 512 120 82 237 96 300 358 Borrowings from Federal reserve banks: Aug. 6 51 3 15 Aug. 13 3 Aug. 20 3 Aug. 27 3 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 549 BUILDING CONTRACTS AWARDED BUILDING PERMITS ISSUED [Value of contracts in thousands of dollars] [Value of permits in thousands of dollars] 1930 1929 1930 1929 Num- Federal reserve district i Federal reserve district ber of July June July cities July June July i Boston 29, 951 34,127 39, 515 Boston 14 5,985 6,350 11,898 New York.... 88, 564 105,745 222, 993 New York . _ 22 62,951 42,172 70,856 Philadelphia. 20,362 61, 659 33,928 Philadelphia 14 4,967 11,483 26,046 Cleveland 48,128 . 49,240 59, 937 Cleveland 12 8,457 13,218 16,214 Richmond.. 36, 357 , 37,666 51, a.64 Richmond _.. 15 7,469 6,187 11, 210 Atlanta i 1188,, 008844 ! 26,673 31,802 Atlanta 15 5,030 2,848 5,703 Chicago 5"4' ,5~9"1 | 100,884 10& 374 Chicago .. . . 19 19, 973 18, 212 38, 612 St. Louis _ 25, 589 ' 73,077 38, 682 St. Louis _. 5 2,527 4,367 5,645 Minneapolis 11,294 ' 16,647 11,667 Minneapolis 9 3,593 6,166 3,329 Kansas City _ 19,181 63,727 24,659 Kansas City - 14 6,993 6,269 7,017 Dallas. 15,427 ; 31,128 31, 515 Dallas 9 10,186 4,136 5,497 San Francisco 20 15, 370 16,431 22, 424 Total (11 districts). 367, 528 ; 600, 573 652, 436 Total 168 153, 499 137,837 224, 451 Figures for building contracts awarded are for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. INDEX OF DEPARTMENT STORH STOCKS INDEX OF DEPARTMENT STORE SALES [Monthly average 1923-1925=100] [Monthly average 1923-1925=100] Without seasonal With seasonal adjustment adjustment Without seasonal With seasonal adjustment adjustment Federal reserve Num- Num- district s b t e o r r e o s f 1930 1929 1930 1920 Federal reserve ber of district stores 1930 1929 1930 1929 July June July July June July July June July July June July Boston 34 81 88 89 89 92 98 New York 42 97 104 99 105 108 108 Boston 36 71 '98 76 97 97 104 Philadelphia 45 71 78 79 78 82 87 New York 59 77 109 80 108 115 111 Cleveland 49 80 88 88 86 88 96 Philadelphia 5? 58 84 62 82 87 89 28 83 90 88 91 94 97 Cleveland _. . 55 70 89 80 92 92 106 Atlanta 29 83 89 90 90 93 98 Richmond 28 73 100 76 100 104 105 Chicago 76 99 103 103 107 110 112 Atlanta 41 67 83 75 89 92 100 St. Louis 19 82 86 84 88 90 90 Chicago 94 72 98 87 94 102 114 Minneapolis 14 62 65 68 66 67 72 St. Louis 19 66 84 76 94 92 108 Kansas City i 21 100 104 109 Minneapolis 18 61 80 65 77 83 81 Dallas 21 66 72 70 71 76 76 Kansas City 1 27 68 82 72 San Francisco 30 96 99 96 100 102 100 Dallas. 22 69 89 74 96 97 103 San Francisco 34 91 97 100 110 109 120 Total 408 87 93 92 93 96 99 Total 490 72 95 80 96 100 106 i Monthly average 1925=100. i Monthly average 1925=100. r Revised. BANK SUSPENSIONS i IN JULY, 1930 COMMERCIAL FAILURES i [Amounts in thousands of dollars] [Amounts in thousands of dollars] Member l Nonmember All banks banks « banks Number Liabilities Fede d r i a s l t r r i e c s t erve Num- De- Num- De- ' Num- De- Federal reserve district 1930 1929 1930 1929 ber posits3 ber posits 3 ber posits • Boston ^._ 916 July June j July July June July New York Philadelphia Cleveland ~i6Tl6~504" 4,408 I 6,006 Boston 221 210 ! 176 2,921 3,980 3,086 Richmond 110 110 New York 341 407 j 327 6,996 21,337 8,806 Atlanta 3,180 3,180 Philadelphia... 96 101 57 2,513 2,962 1,268 Chicago 5,444 605 ! 4,839 Cleveland 168 163 143 2,426 3,828 1,997 St. Louis 2,110 1,609 501 Richmond 114 135 1,342 2,286 2, 698 Minneapolis 1,418 100 1,318 Atlanta 96 145 2,675 2,744 1. 516 Kansas City... 3,175 81 I 3,094 Chicago 382 290 10, 627 8,105 Dallas 134 134 St. Louis 107 104 2,272 1,779 1,331 San Francisco 6,175 3,943 i 2,232 Minneapolis... 51 60 416 1,826 513 Kansas City... 124 130 1,893 1,574 1,827 Total 65 33,166 10,746 j 56 22,420 Dallas... 37 62 765 8,455 1,976 San Francisco.. 291 219 4,979 4,256 3,445 Banks closed to the public on account of financial difficulties by Total 2,028 I 2,026 1, T52 39, 826 63,131 ! 32,426 orier of supervisory authorities or directors of the bank. 2 National banks. 3 Subject to revision. 1 Figures reported by R. G. Dun Co. « Includes 1 private bank for which deposits figures are not available. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
550 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates, by States, for Aug. 1 as made by the Department of Agriculture] [In thousands of units] Corn Total wheat Winter wheat Spring wheat Federal reserve district Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 Bushels Bushels Bushels Bushels Bushels Bushels Bushels Bushels Boston 8,818 10, 221 110 91 110 91 New York _. 24, 625 31, 716 5,373 6,513 5,237 6,369 136 144 Philadelphia 42,371 41, 566 18, 620 22,929 18, 521 22, 835 99 94 Cleveland 170,082 121,828 38, 539 35, 868 38, 442 35, 762 97 106 Richmond _ _ 148,109 115,286 26,147 29, 278 26,147 29, 278 Atlanta 174, 605 133, 657 4,144 3,717 4,144 3, 717 Chicago 880, 741 790, 759 62, 550 68, 664 58,140 63,014 4,410 5,650 St. Louis . 312, 957 231, 652 44, 676 48, 924 44, 259 48,333 417 591 Minneapolis 294, 781 273, 716 184, 665 175,475 12, 315 11,053 172, 350 164, 422 Kansas City 445,415 352,065 267,493 289,622 255,306 279, 277 12,187 10, 345 Dallas 101,149 98, 801 39, 923 28, 593 39, 580 28, 365 343 228 San Francisco 10, 654 10, 556 113,550 110,939 75,693 69, 389 37, 857 41, 550 Total 2, 614, 307 2, 211, 823 805, 790 820,613 577, 784 597, 392 228,006 223, 221 Oats Tame hay Tobacco White potatoes Cotton Federal reserve district Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, Produc- Estimate, tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 tion, 1929 Aug. 1,1930 Bushels Bushels Tons Tons Pounds Pounds Bushels Bushels Bales Bales Boston __ _ 8,722 9,145 4,981 4,507 38,406 41,668 58, 593 52, 545 New York 25, 937 40, 794 6,958 6,398 1,078 1,248 28, 010 35, 316 Philadelphia 18, 771 22,959 3,061 2,680 47, 601 47, 880 23, 623 23,476 Cleveland _ 64, 498 71, 329 7,168 4,594 149,879 130,100 19, 695 15, 556 Richmond. 26,875 25, 504 4,190 2,668 726, 638 736, 670 37, 845 32,179 1,625 1,754 Atlanta 15, 814 15, 313 2,890 2,074 185, 390 186, 200 11,964 11,885 3,468 3,200 Chicago . 501,169 534,399 23, 333 16,994 46, 360 48,256 44,914 53, 811 St Louis 51,166 60, 227 9,105 5,920 316, 507 275, 234 13,313 14,708 i 3, 306 2 2, 717 Minneapolis 283,837 280, 427 12,190 10, 357 4,508 4,680 47, 707 50, 605 Kansas City 152, 447 165,926 12, 348 11,865 2,714 2,822 31,933 33,421 1,169 1,043 Dallas 49,434 55, 323 1,284 1,194 3,122 4,496 4,862 5,278 San Francisco 34, 904 35, 023 14,278 14, 209 39,077 44, 559 398 370 Total 1, 233, 574 1, 316, 369 101, 786 83, 460 1,519,081 1,474, 758 359, 796 372, 557 14, 828 14,332 1 Includes 9,000 bales grown in miscellaneous territory. 2 Includes 6,000 bales grown in miscellaneous territory. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 551 FOREIGN BANKING AND BUSINESS CONDITIONS ANNUAL REPORT OF THE NATIONAL BANK OF RUMANIA The annual report of the National Bank of almost drained our market of funds. Although Rumania for 1929 was presented to the general this outflow assumed proportions beyond meeting of shareholders on February 16, 1930. anything which we had reason to expect, Selected sections of the report are given here- the National Bank of Rumania supplied with: x the needs of the market in large measure and enabled the Government to meet its debts This report covers the first year following abroad. the stabilization of the currency and the reorganization of the National Bank of Ruma- Credit policy.—As Rumanian enterprises nia. The means employed for the stabiliza- liquidated their indebtedness abroad, those tion of the leu were well planned and proved which no longer had foreign obligations adequate for all the difficulties of the opera- were able to find outside the country a profittion. able and liquid form of investment, prefer- Economic depression.—The realization of able to the uncertain investments offered by the stabilization loan, and the plans worked our own market. All this was reflected in out for its allocation gave reason to expect larger demands for foreign • exchange, which that our economic position would shortly be it was the obligation of the bank to supply. made secure; but the damage to the crops To this end we availed ourselves of the right, caused by the severe and excessively long conferred by our statutes, to place on the winter, in addition to the general crisis of the market interest-bearing Treasury bills (reprepast year, destroyed these hopes. To these senting the State debt to the bank). By the domestic handicaps was added a still more end of April sales of these bills amounted to unfavorable influence—the situation in the 750,000,000 lei ($4,500,000), which dimiinternational money market, which reflected nished somewhat the funds available to the in particular the high interest rates prevailing market for the purchase of foreign exchange. in New York. Under these conditions it This measure of itself, however, was not became impossible to attract foreign invest- sufficient, and the National Bank, whose ments to Rumania. On the other hand, the first duty is "to maintain the stability of the necessity of liquidating the portfolio of the currency and to guarantee the circulation/' National Bank—even though this was done was obliged to have recourse to other methods gradually—compelled those institutions whose of control. As a result of measures taken by investments were nonliquid to seek the support other banks of issue, the National Bank raised of foreign funds. When their needs could not its rate of discount in May to 9% per cent, which be met, these institutions determined upon immediately checked the outflow of foreign the rapid and complete liquidation of their exchange. foreign obligations in order, later on, to be The measures taken by our bank, although able to resume their normal relations in the they were both suitable and customary, were international market. nevertheless severely criticized. It was claimed This process of liquidation was further that the advance in the discount rate—aljustified by the increasing lack of profitable though this was made in order to defend our and safe investments in our own country. It metallic reserve and therefore the security of was made easier by the allocation of a portion our currency—led to a rise in market rates. of the loan to the settlement of Government This reasoning is valid only when the discount arrears. In fact, the payments made on rate of the bank of issue is normal and where account of the loan, instead of being distri- the margin between discount and interest buted in our own market and assisting domestic rates is normal also; it does not apply in the production, brought about an outflow of case of a market where the discount rate is 6 foreign exchange which began in April and per cent and interest rates are above 20 per cent. The margin between these two figures 1 The report, available in French, contains in addition a discussion of foreign trade, industry, and agriculture, and gives tables showing is so great that no one could reasonably claim detailed operations of the bank. For earlier reports see FEDERAL that an advance in the first could affect the RESERVE BULLETIN, August, 1928, and October, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
552 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 second. If interest rates showed an advance, intervene except to prevent exchange rates the raising of the discount rate was merely from passing the limits of the gold points. a pretext, especially since the portfolio of the The bank has allowed supply and demand various Rumanian banks with the National to have free play in the market, and has accus- Bank represents only 20 per cent of their tomed the public to the normal fluctuations of capital and deposits. a convertible currency. When the supply has Foreign exchange policy.—As a result of the been unduly large, we have not allowed the measures taken to meet the situation, the Na- leu to decline to the lowest level fixed by the tional Bank supported the foreign exchanges monetary law, but—in the belief that the bank until the period of grain exports caused an is obligated not only to guarantee the stability inflow of foreign bills, which continued until of the currency but also to procure for the the end of the year. During this latter period Government the foreign exchange which it the lowering of the discount rate was under needs to meet its obligations abroad—we have constant consideration. No immediate change purchased foreign bills in order to strengthen was made, however, because other money the reserve intended for these requirements, markets kept their rates high, and isolated and have been able in this way to increase the action on our part would have endangered all circulation. During the entire year the flucthat had been accomplished. After October, tuations of the feu have been normal and have however, when the crash on the New York been influenced only by the interaction of Stock Exchange began, banks of issue generally supply and demand. inaugurated a progressive downward move- Note circulation.—The note circulation, ment of discount rates, and late in November which under the convention of 1925 was definwe considered it advisable to lower our dis- itely limited, moves once more in obedience count rate—but by only one-half of 1 per cent, to its own laws now that stabilization has since the season was approaching at which our been achieved; it is no longer limited except favorable balance of trade would reverse itself. by the reserves on which the issue is based. As soon as the export season returns, we an- The National Bank, therefore, has resumed ticipate a further reduction of the discount its proper function of assuming responsibility rate to as low a level as sound policy will per- for stability of the currency. Henceforth it mit. can issue notes only by means of discounts or During the period of de facto stabilization, advances on collateral, or on the basis of gold the National Bank bought and sold foreign or foreign exchange which may be offered to it exchange at a fixed rate, and in this way con- for purchase. Only in this way will the note centrated all foreign exchange operations in issue be properly covered. On the other hand, the bank. When legal stabilization was made the bank is obligated to deliver foreign exeffective and convertibility of the currency was changes on demand, at the legal rate, for their resumed under the monetary law, the bank equivalent value in lei. Accordingly, the note assumed the obligation of redeeming its notes issue will increase when more foreign exchange in gold or gold exchange, at gold parity plus is sold or more bills are presented for discount; the cost of shipping gold. Similarly it is obli- and it will decline when more foreign exchange gated to buy gold or gold exchange, at gold is bought, or when bills are retired from the parity minus the cost of shipping gold. A portfolio. sound currency can fluctuate only between With the note issue governed by these conthese two points, and within these limits its ditions, its fluctuations follow the needs and daily quotation is determined by supply and the possibilities of the market. Under the condemand. In order to secure the normal move- vention of 1925 the bank was compelled to ment of the exchanges, the Foreign Exchange ration its credits. Since stabilization became Bourse was organized and opened on February effective, discounting is limited only by the 14 of last year. The costs of shipping gold quality of the bills offered. Any good portfolio have been estimated at about 0.5 per cent, which meets the requirements of the statutes which makes the gold export point 817.50 lei in is discounted without any limitation as to terms of sterling, the difference between the amount; and similarly, every customer who import and export points being 8 lei. has such a portfolio is assured of finding with The bank supervises the work of the Foreign the National Bank whatever rediscount ac- Exchange Bourse, but has no authority to commodation he may need. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1938 FEDERAL RESERVE BULLETIN 553 Liquidity of portfolio of the bank.—In order BALANCE SHEET OF THE NATIONAL BANK OF RUMANIA to fulfill its obligation to guarantee the circu- AS OF DECEMBER 31, 1929 lation and to regulate credit, the bank has made every effort to improve the liquidity of Lei (in ( D in o l t l h a o rs u i its portfolio. This effort was continued with thousands) sands) increased energy from the first half of 1928, making due allowance for the ability of custom- KESOURCES ers to settle their indebtedness to the bank. Metallic reserve: Gold held in Rumania 5,265,894 31, 595 We should acknowledge the cooperation of the Gold held abroad 3,919,467 23, 517 private banks, which retired nonliquid bills or 9,185, 360 55,112 replaced them gradually by a liquid portfolio; Foreign exchange.. 6, 745,414 40,472 at present, since that part of the portfolio Total reserves 15,930, 774 95, 585 Foreign exchange not included in reserves- 45, 747 2*4 which was most difficult to liquidate has been Subsidiary coin 2,206 13 taken over by the Government under the stabil- Bills discounted 8, 839,143 53, 035 ization plan, our volume of discounted bills Advances on securities, warrants, and precious metals: shows a far higher degree of liquidity. It is Ordinary. 582, 751 3, 497 not even yet so liquid as it should be; this is In current account 295, 039 1,770 due partly to the decline of commercial trans- 877,789 5,267 Government debt..-, 3, 797,426 22, 785 actions which furnish discount material, and partly to prejudice which prevents many houses Public securities representing investment of— Capital 147, 683 from paying for the commodities which they Surplus 172,120 1,033 buy in bills of exchange such as should form P A a m rt o ic rt i i p z a a t t i i o o n n i f n u n C d r s edit Industriel 2 15 2 0 8 , , 4 0 8 0 3 0 1,3 9 7 0 1 0 the major portion of the portfolio of the Na- 4,190 tional Bank. We can not sufficiently commend Public securities—Pension and insurance fund the struggle against this prejudice. In spite of for employees of the bank 110, 799 665 Securities and advances to be repaid by the the results already achieved, the improvement Government 1, 671,850 10, 031 Real estate 430, 932 2,586 of the portfolio should be steadily continued. Furniture and equipment 66,139 397 Agricultural credit.—Since our country is pri- S O i t l h v e e r r r b e u s l o li u o r n ce a s nd sundry coin 2,424 7 , , 2 3 7 1 6 6 14, 5 4 4 4 6 marily agricultural, discounts with a normal Pre-war gold deposited at Moscow (£12,497,- 223-12-8) 2 maturity of three months are generally un- Total resources.. 34, 902, 684 209,416 suited to the actual requirements or to the capacity of the farmer. In order to meet the LIABILITIES I needs of agriculture, the statutes of the bank Demand liabilities: provide for credits which may be extended to a N C o u t r e r s e n in t a c c ir c c o u u l n a t t s io a n nd demand deposits- 21,144,156 126,865 period of nine months; in applying this provi- Co) Ministry of Finance 112, 265 674 (6) Public services, Caisse Autonome 322, 836 1,937 sion, your board of directors decided to fix the (c) 7 per cent loan of 1929 and payments in conformity with the convention maturity of agricultural paper at four and a of Nov. 10, 1928 7, 014, 574 42, 087 half months, which could be extended for an- (d) Current accounts 1, 638, 385 9,830 (e) Other 282,701 1,696 other period of four and a half months. In determining these maturities, which correspond Total demand deposits.. 9, 370, 761 56, 225 to the cycle of production, account was taken Total demand liabilities 30, 514,917 183, 090 Capital 600, 000 3,600 of the ability of the drawers of the bills, and Surplus 318, 288 1,910 Amortization funds 348, 990 2,094 of the fact that—since very often these bills are Pension and insurance fund for employees of signed by several agriculturists collectively— the bank 113, 814 Other liabilities _. 3, 006,675 18,040 too frequent extensions of maturity would Total liabilities. | 34,902,684 209,416 have caused unnecessary inconvenience to too large a number of persons. 1 Conversion at par: 1 leu=$0,006. Although the statutes of the bank limit agri- 2 The annual report of the bank for 1916 contains the following statement: "In order to provide against any eventuality, the board of direccultural bills to 25 per cent of the total volume tors with the approval of the Government decided upon the transfer of the bank's gold stock—which had been accumulated with so much perof discounts, this proportion was considerably sistence during a number of years—to Jassy; and finally, availing themexceeded at the time of stabilization; and it selves of the great kindness of the Government of His Majesty the Emperor of Russia, who put at our disposal a special room in the Kremlin has been impossible since that time to reduce Palace (at Moscow), we transferred to that place, with the authorization of the Government and in conformity with the law of Dec. 25, 1916, the it below 34 per cent without serious incon- 314,580,437 lei which we had in our vaults at Jassy." The pre-war lei venience. had a par value of $0,193; thus the value of the gold stock deposited in Moscow was about $60,714,000. 9442—30 4 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
554 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 ANNUAL REPORT OF THE NATIONAL BANK OF BULGARIA The annual report of the National Bank of that farmers found their resources reaching Bulgaria for 1929 was submitted to the Minister the point of exhaustion. This greatly reduced of Finance on April 30, 1930. Sections of the purchasing power on the part of the populareport dealing with economic developments, tion checked the expansion of commerce and amendments to the bank law, currency sta- industry; the resulting difficulties reached an bilization, the credit situation, and Government acute stage during the last quarter of the year finance are given herewith:l and brought about a general crisis of confidence after suspension of payments on the part of The beginning of the year under review was several commercial enterprises and credit marked by an improvement in some branches establishments of sound reputation. of our economic life, in spite of certain unfavorable symptoms which had been apparent at The merchandise balance.—The unusual inthe end of 1928. The consequences of the crease of imports, both in respect to quantity unsatisfactory harvests of 1928 were not felt and value, considerably in excess of the preuntil some time afterwards; the poor grain vious postwar peak of imports in 1925, is a harvest was partly compensated by the abund- disturbing factor i'n the economic situation of ant crop of colza, by improved markets for the the country. The value of our imports in 1929 1928 tobacco crop, and by the surplus remain- reached 8,200,000,000 leva ($59,040,000), coming from previous harvests. pared with 7,200,000,000 leva ($51,840,000) in 1928 and 7,400,000,000 leva ($53,280,000) in The reform of the financial position of the 1925. On the other hand, our exports have Government, as well as the legal stabilization declined to 6,100,000,000 leva ($43,920,000), of the lev which was made possible by the compared with 6,400,000,000 leva ($46,080,000) stabilization loan, had the effect of restoring in 1928 and 6,700,000,000 leva ($48,240,000) confidence. As a result, during the first three in 1927. After an unfavorable balance of months of the year recourse was had more 800,000,000 leva ($5,760,000) in 1928, the past extensively to foreign short-term credits arising year will add a further deficit of 2,100,000,000 out of both financial and commodity transacleva ($15,120,000). tions. Commerce and industry found their business expanding and their stocks of raw The board of directors of the National Bank materials and merchandise increasing consider- of Bulgaria have had occasion many times to ably. These tendencies reached their peak in insist, in the political and economic circles of May, and shortly thereafter the general this country, on the danger threatening the economic situation underwent a great and un- national economic situation from large deficits favorable change. in our trade balance, caused by excessive and unjustifiable imports. The difficulties en- Agriculture and industry.—Agricultural procountered and the inevitable failures of a large duction, in spite of the introduction of modern number of business enterprises during the methods and the extension of agricultural credit, second half of the past year—failures considdisappointed expectations. As a result of the erably in excess of the year 1926, which showed unusually long and severe winter part of the a similar unfavorable balance—have proved autumn sowings were frozen, so that the yield once more the justice of the warning and the of the harvests was considerably lowered. unquestionable existence of grave faults in Production of wheat declined from about the general organization of commerce and 13,000,000 quintals in 1928 to 9,000,000 credit in this country. The work of necessary quintals during the past year. reconstruction, however, has already been The shortage in the harvest for 1929 folstarted. This work should be carried on both lowing the shortage of the year before, as well by groups and by the union of individual as the downward tendency throughout the efforts, with a view to reaching a better underworld of prices for almost all agricultural standing of the needs and the possibilities of products—which was especially marked during the market and of making an effective adjustthe last quarter—reduced to a minimum the ment to them. This reconstruction will be purchasing power of our rural population. In the most concrete and valuable result of the addition there were contributory causes of a difficulties we have been experiencing. more permanent character, such as heavy Government taxes and other public charges, so Reorganization of the National Bank.— These sudden and unfavorable changes in the 1 The report, available in French, contains in addition a more extended general economic situation hindered to a very discussion of foreign trade, agriculture, and industry, as well as sections dealing with the proposed reform of private credit and the operations of great extent the execution of the tasks of the the bank in detail. For the annual report for 1927, see FEDERAL RE- National Bank of Bulgaria, which during the SERVE BULLETIN, July, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 555 entire period of reorganization continued to made as of May 20, 1929, in the rate of the carry out the provisions of the protocol gov- dollar in relation to the lev as follows: Purchaserning the stabilization loan and the amend- ing price, 138.20 leva per dollar; selling price, ments to the statutes, which had been decreed 138.70 leva. by the law of October 4, 1928. These amend- Another change made in the rates of exments, described in detail in our previous change was the widening of the margin between report and designed to consolidate and the purchase and sale price of the dollar, which strengthen the position of the National Bank increased from 0.50 lev to 1 lev—that is to say, of Bulgaria as a central bank of issue, were the rate of the dollar has become 138 leva for fully put into force during 1929. selling and 139 leva for buying. Beginning with As we mentioned in our previous report, November 30 a corresponding correction was the new amendments to our bank law have made in quotations of other foreign exchanges, established our monetary system on the prin- in conformity with article 3 of the bank law. ciple of redeeming our bank notes in gold Reserves.—The gold reserves of the National exchange. The free functioning of this system Bank have declined steadily and appreciably depends upon the abolition of the restrictions during the past year. The gold exchange governing the purchase and sale of foreign reserves eligible as cover under the law have currencies. Because of the highly uncertain declined to 1,063,000,000 leva .($7,654,000), position of our trade balance and our balance compared with 2,736,000,000 leva ($19,699,000) of payments, as well as because of some at the end of 1928. The item " other foreign psychological factors, the establishment of en- exchange/' which is not included in the retire freedom in the purchase and sale of foreign serves, also showed a decrease; it fell from exchange has been postponed by agreement 584,000,000 leva ($4,205,000) at the end of with the technical adviser of the National 1928 to 247,000,000 leva ($1,778,000) at the Bank. While the existing restrictions are not end of the past year. The metallic gold reapplied to transactions involving unimportant serves, however, increased by 66,000,000 leva amounts, the new law governing foreign- ($475,200) and at the close of the year amounted exchange dealings has confirmed the complete to 1,389,000,000 leva ($10,001,000). If we authority of the National Bank over the take into account also the decline in the liability allocation of foreign exchange, which can not item, " balances due in foreign exchange," be delivered except in case of bona fide need. which declined from 484,000,000 leva ($3,485,- In this connection it would be well to correct 000) at the close of 1928 to 152,000,000 leva the prevailing erroneous opinion that the ($1,094,000) on December 31, 1929, the ap- National Bank can at its pleasure refuse to proximate losses of reserves in foreign exchange deliver foreign exchange, even though docu- amount to about 1,500,000,000 leva ($10,800,ments are presented showing that commodities 000) during the course of the past year. have actually been imported. Under the law and The ratio of the reserve against bank note the regulations, this is not at all the case, and and other demand liabilities showed a similar the National Bank can only influence imports decline. At the close of the year it was only indirectly—that is to say, by means of credit. 42.70 per cent, compared with 50 per cent at Foreign exchange.—Assuming that the un- the beginning. The highest ratio during the changing quotation of the dollar continues to year was 50.80 per cent on February 15; the serve as the basis for establishing the rate of the lowest was 39.74 per cent on November 30. other exchanges, note should be taken of the In spite of this tendency, which was the outchange made in the quotation of the dollar come of the balance of payments and the large beginning with May 20, 1929. Until that date deliveries of foreign exchange made by the the National Bank bought the dollar at the bank, the aggregate reserves in gold and foreign rate of 138.50 leva per dollar and sold it at exchange at the end of the year were, never- 139 leva. The result was an average rate of theless, higher than they had been at any time 138.75 leva per dollar, which was slightly before the stabilization loan. above the gold parity of the lev in terms of The position of the foreign exchange redollars; this is 138.45 leva per dollar if one takes serves, together with the measures adopted by as the basis of valuation the legal gold equi- the directors of the bank, removed any grounds valent of the lev (92 leva= 1 gram of fine gold), for anxiety concerning the stability of the lev. established by. the new stabilization law. Con- Unfortunately, however, pessimistic rumors sequently, in order to bring the exchange rates found a hearing with the public, which became into harmony with the stabilization law and alarmed at imaginary dangers; and these rewith article 35 of the bank law, a change was ports were also spread in foreign countries to Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
556 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 the serious prejudice of our credit. The board tion of other forms of credit with the National of directors of the National Bank have done Bank of Bulgaria under the amendments to the their utmost to refute these prejudicial reports bank statutes brought about a large offering of and to make the public realize that, in spite of bills for discount. the temporarily depressed economic situation, The money market.—During the first three the National Bank is able to insure the stabil- or four months of the year credit demands were ity of the lev. met in the regular way and under fairly easy Credit operations of the bank.—The large in- conditions. The open-market interest rate crease in the gold exchange reserves after the showed a downward tendency and was from stabilization loan and the repayment by the Gov- 1 to 3 points above the discount rate. Other ernment at the end of 1928 of about 1,158,000,- rates showed the same tendency. 000 leva ($8,338,000) on account of its debt to the The first unfavorable influence felt by our National Bank furnished a wider basis for the market was the tension—which became greater credit operations of the bank. Consequently, during the spring—and the rise in interest rates it was able to effect a moderate credit expansion. which occurred in the leading international This expansion was mainly due to redis- money markets. The tension in the internacounting the portfolios of other credit institu- tional market, as is well known, continued until tions, public and private, a development neces- the crash on the New York Stock Exchange at sitated by the status of our institution as a the end of October and the beginning of Novembank of issue, the portfolio of which should ber. The stringency in the foreign money marhave the maximum of security and liquidity. kets affected not only the National Bank but The strict provisions of the law respecting the also the other credit institutions in Bulgaria, rediscount portfolio necessarily limit the bank's which preferred to place their funds abroad. direct commercial and industrial discounting A more direct and decisive influence on the and require the collaboration of other credit economic and credit situation of the country institutions in the country. This situation not was the serious damage which resulted from only enhances the importance of the other the freezing of the autumn sowings, the effects credit institutions but imposes on them a high of which became clearly evident in May and degree of responsibility for the general credit June. On the other hand, the ever-present policy and economic condition of the country. unfavorable trend of the merchandise balance The aggregate of commercial bills discounted and the balance of payments left no doubt that by the banks at the end of the last two quarters the commercial activity was out of relation to was almost double that at the end of 1928, the greatly reduced purchasing power of the while the proportion of this type of bills to the larger part of the population. The board of total portfolio rose from 62.47 to 75.85 per cent. directors of the bank, therefore, were led to The total-portfolio of commercial and indus- pass resolutions urging moderation. trial bills discounted directly was not reduced On July 2 the discount rate was raised from during the year, but was even increased during 9 to 10 per cent, a decision which constituted a the second half; the proportion of this type of general warning to all business groups in the bills, however, declined from 36.61 to 22.80 per country, calling their attention to the possible cent. If, however, we consider the total loans dangers of the situation. At the same time to commerce and industry—portfolio and socne limitation and a more strict selection was advances—the proportion to credit institutions imposed on direct demands for credit with the amounts to only 53.35 per cent, while direct National Bank. The directors of the bank discounts to commerce and industry amount to realized fully all the difficulties and inconven- 40.63 per cent. iences which would result from the restriction The increased demand for credit from the of credit; but among the important considera- National Bank of Bulgaria is due not only to tions which compelled them to take this measthe widespread lack of liquid resources in the ure was the wish to keep part of their credit country but also to several new and special resources available for the harvest season— causes, such as the following: (1) The facilities August to October—when, as always happens, granted for rediscounting commercial bills by the need for credit would be felt more keenly. the new regulation governing individual credit Trade and banking crisis.—Trade inactivity (February 15, 1929); (2) the admission of continued during the fall. As a result of the 9-month agricultural bills under the recent sharp decline of prices on the world market, the amendment to the law; (3) the reduction of the demand for Bulgarian products, which usually discount rate from 10 to 9 per cent as of Decem- command a ready sale—such as kidney beans, ber 15, 1928; and (4) the fact that the liquida- millet, maize, sunflower seeds, vetch, etc.—was Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 557 greatly reduced. Particular anxiety was caused ordinary revenues; these amounted to 7,600,by the lack of purchases of tobacco, as well as by 000,000 leva ($54,720,000), as compared with the considerable reduction in its price. 7,000,000,000 leva ($50,400,000) in 1927-28. Because of the general decline of purchasing Ordinary expenditures totaled 6,500,000,000 power among the rural population, merchants leva ($46,800,000). During the calendar year could not meet their obligations except with the 1929 ordinary revenues amounted to 7,500,greatest difficulty. Suspension of payments by 000,000 leva ($54,000,000), compared with several old business houses, as well as by several 7,000,000,000 leva ($50,400,000) in 1928. This banks, destroyed confidence among all business position enabled the Treasury—without having circles, and the public began to withdraw their recourse to the National Bank of Bulgaria for deposits from the credit institutions. At the any advances whatever—to meet all its obligabeginning of October, faced with the threat of a tions regularly, including the amortization of general banking crisis, the effects of which the State debt to the bank, which was reduced could not fail to affect the future of the country from 3,735,000,000 leva ($26,892,000) at the most seriously, the National Bank of Bulgaria beginning of the year to 3,470,000,000 leva intervened to save the situation. ($24,984,000) at its close. The credit account Intervention of the National Bank.—To this of the Treasury stood at 78,000,000 leva end the bank not only announced that it would ($562,000) at the close of the year, the highest extend to the banks every facility permitted figure having been 332,000,000 leva ($2,390,under its statutes to enable them in case of 000) on November 23. need to pay off their deposits, but it also offered to lend its support to such banks as were in BALANCE SHEET OF THE NATIONAL BANK OF BULGARIA temporary difficulty. As, obviously, there AS OF DECEMBER 31, 1929 could be no question of saving those banks Leva (in Dollars l whose conditions seemed too weak, the Na- thousands) (i s n a n t d h s o ) utional Bank was satisfied, with the cooperation RESOURCES of the private banks, to take such measures as Gold coin and bullion 1,388, 527 9,997 Silver 169, 962 1,224 were necessary to protect the interests of the Foreign exchange (art. 10 of the bank law) 1,063, 281 7,656 depositors upon the liquidation of these banks. Other foreign exchange 246, 538 1,775 Subsidiary coin 87, 226 628 Under these circumstances, commercial bills Loans and discounts: discounted reached their maximum volume of Commercial bills 906, 740 6,529 Treasury bills __ _ 1,179,000,000 leva ($8,489,000) at the end of Advances: 906, 740 6,529 October. The economic and the credit situa- I. To be repaid in leva— Government tion, however, had been saved from the danger Other 516, 522 - 3,719 of collapse. 516, 522 3,719 II. To be repaid in foreign exchange Need of banking reform.—These extreme 516, 522 3,719 difficulties and the trials through which our Government debt 3, 470, 302 24,986 credit system was forced to pass have revealed I R n e v a e l s e tm sta e t n e t s and equipment 26 2 9 5, , 9 7 5 0 8 6 1,9 1 4 8 2 7 all the defects of that system. Thus a new Other resources _ 240,908 1,735 social problem of the greatest importance has Total resources— 8, 385, 670 60, 377 arisen—the reorganization and reform of the LIABILITIES Notes in circulation 3, 608, 643 25,982 private credit institutions. Demand deposits in leva: From the point of view of internal defects of Government 142, 016 1,023 Banks 353,001 2,542 certain credit institutions, the general credit Other 1, 680,444 12, 099 organization is hampered by a large number of JU75,462^ 15,663 Time deposits in leva: unnecessary banks, which foster a dangerous Government competition with one another. Bank amalga- Banks Other 358, 570 2,582 mation, therefore, is a first step toward the 358, 570 2,582 reform of our banking system. A number of Liabilities in foreign currencies: Gold currencies (art. 10 of the bank law) _____ 152,097 1,095 efforts in this direction are already in process of Other being successfully realized. The bill, already 152,097 1,095 before Parliament, for the protection of savings Capital 500, 000 3,600 and for control of the banks has the same end in Surplus: General reserve fund 1, 111, 300 8,001 view—to insure a healthy development of credit. Other reserve funds 89, 885 647 Government finance.—One favorable factor 1, 201,185 8,649 Net profit - _ 169, 934 1,224 in the money market during the past year was Other liabilities 219, 780 1,582 the reform of the Government finances. The Total liabilities.. 8, 385, 670 60, 377 budget year 1928—29 closed with an increase in 1 Conversion at par: 1 lev=$0.0072. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
558 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 ANNUAL REPORT OF THE BANK OF ESTONIA The Bank of Estonia has issued its annual Money market.—The economic difficulties report covering the year 1929. Sections of the of the past year were reflected in the condition report are given herewith: 1 of the local money market, where available liquid funds were in considerably smaller Economic conditions in the past year, the volume than during the previous year. second of the operation of the new statutes of The position of the private banks was made the Eesti Pank, w^ere by no means favorable. more serious by the fact that in face of an On the one hand, large imports of grain were unremitting demand for accommodation no necessary as a result of the bad crops of the increase of deposits took place with which to preceding season; while, on the other hand, the meet the demand. To satisfy only the most export situation was unsatisfactory, owing urgent demands for credit the banks sought partly to the depression prevailing on European the aid of the Eesti Pank and the National markets and partly to restricted outlets for Mortgage Bank of Estonia by means of redissome of our most important articles of export, counts and direct loans. Those facilities were such as timber and flax. more widely used in the last few months of The serious blow dealt to foreign trade by the year. the crop failure in 1928 and the consequent A comparative statement of the bank's economic recession is reflected in the figures for total credits at the close of the past three the eight months from October, 1928, to May, years follows (in thousands of kroons): 1929, which closed with import balances aggregating 20,100,000 kroons ($5,387,000), as against an export balance of 200,000 kroons 1929 1928 1927 ($54,000) for the corresponding interval of 1927-28. Of this sum, no less than 14,200,000 Domestic bills 24, 053 24,475 14, 618 Loans 43, 374 40, 572 34, 234 kroons ($3,806,000) was accounted for by the first five months of 1929. This large deficit, Total 67,427 65, 047 48, 852 Foreign bills 9,402 8,183 6,585 however, was reduced in the latter part of the Grand total 76, 829 73,230 55,437 year by 8,700,000 kroons ($2,332,000) to 5,500,000 kroons ($1,474,000). This great im- As will be noted from the table above, loans provement is evidence that there was no decline and domestic discounts advanced daring the in the productive capacity of agriculture and year by 2,380,000 kroons ($638,000) and foreign industry last year. bills by 1,219,000 kroons ($327,000). Aggre- Price developments in Estonia were greatly gate deposits in the joint-stock banks at the end influenced by world prices. The Estonian of the year amounted to 45,300,000 kroons index of wholesale commodities showed a ($12,140,000), as against 44,800,000 kroons movement very similar to those of the prin- ($12,006,000) a year ago. In the larger coopcipal foreign countries, the fall in the index of erative banks deposits rose more rapidly, the exported commodities being much greater than net increase for the year being 1,100,000 kroons in the index of imports. A similar course was ($295,000.) followed by the corresponding items in the Despite the stringency prevailing in the marindex of agricultural products. ket, private money rates remained unaltered The cost of living declined as a result of the during the year, but the Eesti Pank, after carefall in foodstuff prices from 113 at the end of ful consideration, raised the discount rate on 1928 to 109 at the end of last year, while the October 3 from 7% to 8 per cent. food index number during the same period Financing of economic undertakings in gendeclined from 120 to 112. eral showed certain alterations last year. Excluding Treasury financing, the ratio of 1 Taken with some textual revision from the English translation published by the bank. In addition, the report contains sections credits granted by the State-owned banks to dealing with industry, agriculture, and trade, and with detailed operathe total volume of credit increased from 27.7 tions of the bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 559 per cent to 31.1 per cent between January and BALANCE SHEET OF THE NATIONAL BANK OF ESTONIA June and to 32.5 per cent during the third AS OF DECEMBER 31, 1929 quarter of the year. On the other hand, the ratio of credits granted by the Eesti Pank Kroons Dollars i declined from 17.1 to 13.7 per cent in September (in thou- (in thousands) sands) and that of the joint-stock and cooperative banks from 52.3 to 50.6 per cent. The National RESOURCES Mortgage Bank and the Land Bank were the Reserve: main sources of credit last year. G N o et l d f o c r o e i i n g n a n e d x c g h o a l n d g b e ullion 20 6 , , 4 7 0 7 8 3 5 1 , , 7 5 1 6 7 7 The question of long-term credit still remains 27, 181 7,285 unsolved. Such facilities as were provided by Subsidiary Estonian coin 462 124 the two banks mentioned above have only Domestic bills discounted: slightly relieved the position, and the opera- Commercial 12, 486 3,346 Agricultural 1, 964 526 tions of the Estonian Mortgage Bank are on a Timber _. . ._ _ 34 9 comparatively small scale. Bonds outstanding 14, 484 3,882 of the latter bank rose during the year from Loans and advances (including 8,732 kroons ($2,340) guaranteed by the Government) 13, 088 3,508 5,400,000 kroons ($1,447,000) to 6,300,000 Bank promises 1,848 495 kroons ($1,688,000). Other resources 8,405 2,253 Currency stability.—The stability of the Total resources 65,469 17, 546 kroon, which was fully maintained in the past LIABILITIES year, inspired a feeling of confidence and secu- Current liabilities: (a) Notes in circulation 34,042 9,123 rity. Quotations on the Tallinn exchange gen- (6) Sight deposits and current accounts: Government _ _ . _ _ - 8,127 2 178 erally followed the course of world exchanges, Bankers . _ 5,718 1,532 while local influences were confined to a slight Other 2, 341 627 firming of rates at periods of active seasonal 16,187 4, 338 buying. The existing gold and foreign exchange Total current liabilities 50, 228 13,461 cover for the note circulation and the system of Capital 5, 000 1,340 Reserve fund 3,118 836 unrestricted sale and purchase of foreign Other liabilities __ _...___ 4, 439 1,190 Net profit for 1929 2,683 719 exchange, created through the reform of the Eesti Pank, provided adequate support for the 65,469 17, 546 national currency. 1 Conversion at par: 1 Estonian kroon=$0.268. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
560 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 FINANCIAL STATISTICS FOR FOREIGN COUNTRIES GOLD HOLDINGS OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars. Figures for end of month or latest available preceding date; see BULLETIN for June, 1929, p. 396, and for June, 1930, p. 3721 Month I • T c tr o ( o i 4 u e t 4 a n s) l - U S n ta i t t e e s d g t A e i r n n - - a A t l r u i a a s - - g B i el u - m B z r i a l - C a a d n a - E la n n g d - France m G a e n r y - d I i n- a Italy p J a a- n N l e a e n t r d h - s - Rus- Spain I l S z a e w n r i d - t- c o t o r t 2 h i u e 8 e n s r - 1929—Julyy 10,150 3,974 513 111 141 151 694 1,462 512 128 271 541 181 103 495 AAugust.. 10,233 3,995 507 113 141 151 670 1,526 520 128 271 541 178 119 495 703 September.. 10, 260 4j008 496 114 142 151 648 1,545 527 128 272 541 178 132 495 103 704 October 10,292 4,023 476 109 143 151 643 1,570 531 128 272 541 178 142 495 103 708 November.-| 10,296 4,003 451 97 151 151 659 1,600 534 128 273 542 180 142 495 105 708 December.._j 10, 290 3,900 434 163 150 711 1,633 544 128 273 542 180 147 495 115 708 1930—January 10, 356 3,921 445 164 139 732 1,683 547 128 273 520 177 147 495 108 711 February. _. I10,431 448 124 164 127 740 1,680 582 128 273 477 176 150 476 108 712 MMahrch 1100,550022 4,061 445 126 164 127 759 1,668 595 128 274 453 174 156 j 476 108 709 April 10,565 4,131 442 109 164 90 795 1,6'59 611 128 274 443 174 167 I 477 112 709 Mayy... 10,610 4,159 441 91 167 90 765 1,717 617 128 274 434 174 177 I 477 112 707 June ,675 4,178 P440 97 167 768 1,727 624 128 274 434 174 203 477 112 »702 July 10, 716 4,160 P440 97 167 746 1,775 624 128 274 440 157 I 233 477 118 August. p 4,145 v 1,852 249 '. v Preliminary, based on latest available figures. NOTE.—Table covers all countries for which satisfactory figures are available; see BULLETIN for April (p. 170), where separate figures for the 44 countries are given by years back to 1913. For the 16 countries here shown separately—all of which have held gold in recent years to the amount of $90,000,000 or more—the figures are for central banks only except as follows: United States—Treasury and Federal reserve banks; Argentina— Government conversion fund and Bank of the Nation; Brazil—Bank of Brazil and Government stabilization fund; Canada—Government reserve against Dominion notes and savings-bank deposits, and gold deposits of chartered banks in the central reserve; India—currency and gold standard reserves of Government; Japan—domestic holdings of Bank of Japan and Government. GOLD MOVEMENTS [In thousands of dollars] United States Germany Great Britain Netherlands S A o fr u ic th a India Month Im- Ex- Im- Ex- Im- Ex- Im- Exports ports Net ports ports Net ports ports Net ports ports Net Net Net 1929—July 35,525 807 34,718 48,728 716 48,012 22,578 100,479 -77,901 129 8 121 14,816 4,164 August 19,271 881 18,390 27,728 879 26,849 17,226 59,278 -42,052 103 2,522 -2,419 20,981 2,771 September. 18,781 1,205 17,576 9,939 851 9,088 18,301 41,283 -22,982 116 17 99 15,375 3,390 October.... 21,321 3,805 17,516 4,624 1,002 3,622 28,591 26,794 1,796 177 12 166 15,812 3,146 November. 7,123 30,289 -23,166 5,093 919 4,174 36,249 27,844 8,405 107 15 92 20,922 4,408 December. 8,121 72,547 -64,426 11,096 806 10,290 65,343 16,439 297 17" 280 18,220 4,603 1930—January. _. 12,908 8,948 3,960 5,052 629 4,423 41, 702 16,102 25,600 248 3,224 -2,975 17,808 5,370 February.. 60,198 207 59,991 38,252 687 37,565 38,961 34,074 4,886 80 1,026 -946 -20,786 3,844 March 55,768 290 55, 478 15,119 769 14,350 38, 258 12,826 25,432 89 10 79 13,777 3,447 April 65,835 110 65,725 18, 670 703 17,967 42, 741 14,828 27,913 81 21 60 18,134 5,953 May 23,652 82 23, 470 7,318 722 6,596 45,388 61,134 -15,746 75 19 56 22, 798 6,452 June 13,938 26 13,912 7,561 1,815 5,746 13,747 20,659 -6,912 34 11 23 18,190 9,204 July 21,889 42, 529 -20, 640 1,481 628 853 24, 646 40, 355-15,709 48 16,587 16,539 22,415 MOVEMENTS TO AND FROM GREAT BRITAIN MOVEMENTS TO AND FROM BRITISH INDIA [In thousands of dollarsl [In thousands of dollarsl 1930 1929 1930 1929 From or to— July January-July Calendar year From or to— May January-May Calendar year Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Ex- Im- Exports ports ports ports ports ports ports ports ports ports ports ports France. 116 31,633 1,369 108, 348 2,066 162,527 England 1,363 4,814 10,461 Germany 785 7 63, 022 3,203 92,991 United States 22 Netherlands "19 18 19 356 14,382 2,006 Aden and dependen- Spain and Canaries. 1 19,468 148 359 cies 38 303 1,045 _ Switzerland _ 6,176 10,404 10,781 Arabia 64 376 1 287 United States ... 283 23,090 61,293 British Oceania 96 4,830 7,701 South America 1,131 15,156 49 39,129 Bahrein Islands 13 65 119 British India 1,008 6,478 10,320 Ceylon 209 1,550 4,151 1 Australia 516 84,"761 2 24~603" China 198 396 188 New Zealand 64 115 2,433 Mesopotamia 262 1,163 2 613 Egypt 94 ~~3~786 Straits Settlements.. 499 772 14 19 28 Rhodesia 505 3,045 4,641 Egypt 58 992 6 867 Transvaal _ 21,301 117,417 184,954 NitS - — 3,651 9,814 29,595 West Africa 380 2,921 10 4,216 All other countries.. 4 206 19 All other countries.. 613 732 883 11,066 1,003 33,434 Total 24,646 40,355 245,446 199,979 303,725 377,505 Total 6,452 25,080 14 64,275 48 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESEBVE BULLETIN 561 CONDITION OF CENTRAL BANKS [Figures are for the last report date of month] 1930 1929 1930 1929 ; July June I May July July June May July Bank of England (millions of pounds i National Bank of Belgium (millions sterling): [ of belgas) : Issue department— Gold 1, 204 1,202 1,012 Gold coin and bullion ! 152. 3 156. 9 157.2 141.4 Foreign bills and balances in gold. 844 734 451 Ban N ki o n t g e s d i e s p s a u r e t d m ent— j ; 412. 3 416. 9 417.2 401. 4 L D o o a m n e s s t t o ic S a t n a d te foreign bills 3 7 1 7 1 6 (3 7 ) 85 3 7 4 8 7 1 Gold and silver coin : 1. 0 .9 .9 1.2 Note circulation 3, 083 2,902 2, 554 Bank notes ! 43.9 58.4 61.1 29. 6 Deposits 112 170 100 Bank D P B G O R O u a e i o t t n s h h b s n v o c e e e l k e t o i r r r e c e r v u s n s r d e n d s e m e i ' t c e r n p s e a u d p o n t c r e o a s i i t i p o n s i t r t i i o d c s s e t 1 s s u e * s a i c l t a d u s ( t v p r i i o a e t n n i r e c c s 2 e e _ s n t) J ;; : : i • 3 3 5 2 6 6 2 6 7 1 9 1 8 4 . . . . 1 . . . 4 4 3 7 0 1 . 7 8 3 4 3 4 2 6 5 1 1 1 8 6 8 3 8 5 5 . . . . . . . 8 1 9 8 5 9 3 5 I ! i j j | | 3 4 3 5 5 5 1 1 6 5 5 7 9 6 3 1 . . . . . . . . 8 6 9 3 0 1 2 5 37 3 2 6 2 6 1 1 1 7 8 4 0 2 0 1 . . . . . . . . 7 2 2 3 0 3 1 8 Ban N D L k S C C G e o o o e u o o c a p r l r t f u d e r n r o e e r s B s i c s n t i r i p a i t c r a e s n o y c z s d n u il d l d a e ( i t n m s io t c s i o n l l u a . i . o b n n r t o s s a o d f milreis) _ : 1 1 , , 4 5 4 2 5 1 4 6 9 0 6 4 2 8 9 2 7 8 7 5 6 •1 1 , r , 4 4 4 5 2 5 1 3 6 0 9 3 0 2 8 3 7 2 1 9 9 1 1 , , 4 3 5 4 4 3 1 3 6 9 5 6 0 2 1 1 2 0 0 7 9 1 1, , 6 5 4 8 2 1 2 0 9 0 1 4 3 6 9 2 7 8 0 2 0 Bank of France (millions of francs): j National Bank of Bulgaria (millions Gold l 45283 44, 052 43, 809 37, 300 ofleva): Sight balances abroad ', 104 6,905 6,873 7,325 Gold 1,422 1,418 1,411 1,379 Foreign bills 18,979 18, 728 18, 690 18, 521 Net foreign exchange 187 236 264 1, 226 Loans and discounts 8,911 8,984 10,194 10, 782 Total foreign exchange 910 837 858 1, 630 Negotiable bonds 5, 395 5,395 5,395 5, 769 Loans and discounts 845 894 983 1, 537 Note circulation... 72,110 72, 594 73, 079 61,135 Government obligations . 3,279 3,279 3,339 3, 546 Public deposits 9,132 4,938 5,363 12,179 Note circulation 3, 435 3,396 3,364 3,974 Other deposits 8, 363 10, 420 10, 062 7,420 Other sight liabilities 1,446 1,540 1,706 2, 300 Central Bank of Chile (millions of German Reichsbank (millions of | pesos): I rei L G i G c l o e h o o s a s l l e d d n m r s v a r a e e b a r s s k n r e o s d i r ) a n v : d d e f i . o sc re o i u gn n ts e xchange ._ 2 1 , , 9 2 1 4 3 6 5 6 0 1 0 9 2 1, , 9 4 4 1 6 6 5 5 9 9 9 0 I ! ! | 2 2 , , 1 4 3 1 4 4 5 5 6 1 1 0 2 1 , , 3 1 7 9 3 5 9 9 4 0 8 9 L N D D G o e o e o a p p l t d e n o o s s s c a i i i a t t t r s s n c h d u a o a l b m d a g r t i a o i s e i o a c n . n d . o s t u n w ts hich r . e . serve 3 1 9 2 6 6 7 2 3 4 3 2 1 4 6 0 0 0 3 1 0 3 3 1 4 0 6 3 4 1 3 7 4 3 3 5 7 6 0 2 1 2 R D Re e e i n p c t o h e s s n i m t m s a a r r k k s s in in c c i i r r c c u u l l a a t t i i o o n n 4, 4 6 3 3 4 9 8 8 8 4,6 4 4 8 4 9 5 9 2 I I j 4,8 4 3 1 0 7 2 1 9 4, 5 4 7 1 4 2 6 3 6 Ba ( n th k o i u o s s f h a e n t l h d d e s o R f e p p e u s b o l s i ) c : of C ._ olombia 85 101 Bank of Italy (millions of lire): Gold at home 20, 827 20, 513 21,311 26,036 T L G C o o o re a t l a d d n l i s a t n s t a o n a h t d e n o d m c d i i e b r s a c c l u o a l u n a n t c i e t o s s n abroad _ L... _ 1 4 4 5 5 , , , , 8 4 2 8 l 9 0 4 < 9 8 6 3 i j j | 1 3 5 5 5 , , , , 2 9 0 9 4 0 3 4 4 7 6 0 I j j 16 4 5 5 , , , , 1 9 8 2 5 3 8 2 9 7 6 0 N D G Lo o e o a p l t d e n o s s c a i i a b t r s n r c o d u a la d d t i i s o c n ounts , 2 1 8 6 8 2 . , , , 3 1 2 5 8 9 3 6 8 8 3 8 3 1 1 0 0 6 3 , , , , 5 6 7 4 1 7 5 5 8 6 0 2 3 1 0 9 6 3 , , , , 9 4 7 5 0 1 4 9 9 9 5 1 4 2 1 9 9 5 1 , , , , 4 3 9 3 8 1 9 7 5 6 6 1 P O u th b e li r c d d e e p p o o s s it i s ts 1,4 3 9 0 9 0 1,5 3 4 0 6 0 ! 1, 3 77 0 2 0 Cz li e o c G n h s o o l s o d l f o v C a z k e c N ho a s t l i o o v n a a k l c B ro a w nk n s): (mil- 1,414 1,313 1,313 1,158 Bank of Japan (millions of yen): Foreign balances and currency._. 2, 063 2,135 2,052 1, 696 Gold . 870 ; 871 I 1,062 Loans and advances... 393 433 319 918 Advances and discounts 808 : 761 ! 755 Assets of banking office in liqui- Government bonds 80 j 90 I 210 dation . 342 343 345 397 Notes issued 1,282 | 1,186 j 1,266 Note circulation 6,897 7,196 6,896 7,321 Total deposits 667 ; 753 ! 867 Deposits 482 439 491 425 Danish National Bank (millions of Commonwealth Bank of Australia kroner): (thousands of pounds sterling): Gold 172 172 173; Issue department- Foreign bills, etc 78 107 92 Gold coin and bullion 20, 006 19, 931 18, 743 22, 667 Loans and discounts 89 Bank S i e n c g u ri d ti e e p s artment- 4,941 4, 941 4, 941 21.345 N D o ep te o s c i i t r s culation .. 3 2 4 8 7 .' 3 3 6 9 6 37 3 1 0 35 3 1 8 Coin, bullion, and cash 1,528 1,643 1,631 1, Bank of Danzig (thousands of Dan- Money at short call in Lon- zig gulden): don 5,802 5,856 5,246 17,132 Balances with Bank of England.. 14, 771 13, 200 14, 710 16, 429 Loans and discounts 10,947 11, 533• 12,164 12,118 Foreign bills, etc 11, 320 10, 686 11,435 13,266 Securities 21,458 21,410 21, 458 12, 039 Loans and discounts 19, 508 21,860 20, 037 22,108 Deposits 40,972 42,418 41, 265 42, 454 Note circulation .. 36, 639 36, 505 36,445 38, 263 Bank notes in circulation 38,005 38,855 38,185 39, 389 Deposits 1,893 2,175 1,541 1,882 Bank of Estonia (thousands of Austrian National Bank (millions of krones): schillings): Gold 6, 526 6, 516 6,500 6,328 Gold 169 169 169 169 Net foreign exchange 16,803 16,081 16, 917 19, 725 Foreign exchange of the reserve. _ 273 266 258 217 Loans and discounts 24,860 25, 524 26,628 26,165 Other foreign exchange 470 421 394 365 Note circulation 31, 897 30,176 30,812 33, 089 Domestic bills 115 125 133 247 Deposits- Government debt 101 101 102 110 Government 9, 401 10,127 10,034 9,828 Note circulation. 1,021 1,028 1,022 1,047 Bankers 4,959 3,790 3, 535 4,187 Deposits 115 39 61 Other 1,808 2,450 1,934 2,054 1 Ratio of gold and notes in banking department to deposit liabilities. 2 Notes issued, less amounts held in banking department and in currency note account. 3 Figures not available. r Revised. 9442—3,1 5 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
562 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 CONDITION OF CENTRAL BANKS—Continued [Figures are for the last report date of month] 1930 1929 1930 1929 July June May July June ! May ' July Bank of Finland (millions of Fin- ank of Poland (millions of zlotys): nish marks): Gold at home 484 483 ! 432 Gold 301 302 303 301 Gold abroad 219 219 ! 195 Balances abroad and foreign Foreign exchange of the reserve... 241 270 ! 444 credits 949 | 877 1,024 505 Other foreign exchange 112 110 i 82 Foreign bills 185; 191 145 10 Loans and discounts 654 672 ' 782 Domestic bills 630 i 710 766 1,369 Note circulation 1,317 1,333 1,293 Note circulation 1,355 | 1,373 1,392 1,439 Current account of the treasury.. 82 108 ! 286 Demand liabilities 206 i 151 260 194 Other current accounts.. 155 144 I 154 Bank of Greece (millions of drach- Bank of Portugal (millions of escumas) : | dos): Gold 566 j 580 603 605 Gold 9 - Net foreign exchange in reserve... 2,712 2,726 2,667 2,897 Balances abroad __ 205 I 218 ! 308 Total foreign exchange 3,853 3, 555 3,786 5,092 Bills 315 j 323 i 300 Loans and discounts 282 ] 258 241 142 Note circulation 1,890 ! 1,861 ! 1,921 Government obligations 3,489 I 3,489 3,489 3, 597 Deposits 82 I 101 | 53 Note circulation 4,816 |4,894 4,943 5, 304 Other sight liabilities 1,576 j 1,505 1,460 1,596 National Bank of Roumania (millions of lei): | National Bank of Hungary (mil- I Gold at home i 5, 356 5,356 5,356 j 5,126 lions of pengos): Gold abroad j 3,919 3,919 3, 919 ! 3,592 Gold 163 163 163 163 Foreign exchange of the reserve. _; 1,527 1,371 1,425 | 1,465 Foreign bills, etc... 43 32 19 37 Other foreign exchange , 40 41 36 i 147 Loans and discounts 203 234 220 326 Loans and discounts ! 8,748 8,921 9, 687 I10,009 Advances to treasury 72 79 83 89 State debt | 5,699 '5,797 '5,797 7,631 Other assets 91 84 64 74 Note circulation ; 18, 534 18, 222 18,521 | 19,188 Note circulation 466 449 441 491 Deposits ; 6,979 7,481 7,345 i 7,356 D M e is p c o e s l i l t a s neous liabilities.... 4 3 7 3 4 7 6 1 4 3 9 1 9 7 4 8 St c a h te e rv B o a n n t k s i o ): f Russia (thousands of I |" ank of Java (millions of florins): Loans and discounts L 462,025 1417,135 386, 876 N D L F G o o e o o r a p l t e d e n o i s g s c i n i a t r s n c b d u i l l l d a s t i i s o c n ounts 2 1 6 3 3 5 5 7 4 9 3 3 2 1 4 7 3 5 5 5 4 9 6 1 2 1 4 7 3 6 3 8 3 8 3 9 3 1 1 0 2 3 5 4 2 4 6 0 8 I D s e su p e N o G F O s o d o o t i h r l t e t e d s e e p i r g a c n r p i t r r m c e e u x c e l i c n a o h t t u — i a s o n n m g e e . t . als i i j ! i _ . - - 2 1 3 2 8 9 2 5 6 1 , , . , ,8 0 4 o 8 4 3 5 4 2 1 7 0 8 2 i 1 1 r 3 7 9 4 2 0 5 6 , , , , , 0 1 8 4 7 8 6 6 7 3 6 7 4 0 4 2 1 0 2 2 3 4 6 0 9 , , , , , 9 1 7 0 8 5 0 0 9 3 2 6 1 8 1 Bank of Latvia (millions of lats): South African Reserve Bank (thou- j Gold 24 sands of pounds sterling): 4 Foreign exchange reserve 49 Gold | 6,488 6,923 7, 252 Bills 89 Foreign bills ! 7,736 7, 505 7,372 8,114 Loans ... 56 Domestic bills 206 295 855 748 Note circulation 45 Note circulation 7,459 8,550 8,979 8,460 Government deposits 101 Deposits— ! Other deposits 77 Government i 2,312 1,496 1,565 2,272 Bankers ' 4,730 4,662 5,075 4,822 Bank of Lithuania (millions of litas): Others j 122 139 417 634 Gold 35 35 Bank of Spain (millions of pesetas): | N D L Fo o e o r a p t e e n o i s g s c i n a i t r s n c c d u u l r d a r i t e s i n c o o c n u y . n .. t . s ..- 1 9 9 0 7 0 6 0 8 L G S B o i o a l l a l v d a n e n s r c . a e . s n . d a b d r i o s a c d o unts ; i ! j • 2 1, , 9 4 7 2 7 2 3 3 2 1 2 2 1 , , 4 7 8 2 7 3 7 4 5 1 0 2 1 , , 7 4 9 3 7 1 1 4 8 1 0 j I I 2 1 , , 7 5 9 2 9 6 5 0 6 3 2 Ne fl t o h r e in r s la ): nds Bank (millions of ; N De o p te o s c i i t r s c ulation j | 4,3 8 9 18 6 4, 8 3 0 3 7 5 4, 8 39 35 1 4, 9 2 3 8 1 9 Gold 391 432 432 449 Bank of Sweden (millions of kronor): ; Foreign bills ; 241 238 236 178 Gold i 243 243 243 234 Loans and discounts ! 136 159 144 160 Foreign bills, etc j 360 398 365 208 Note circulation _. i 809 843 804 812 Loans and discounts i 131 215 204 332 Deposits i 16 i 31 54 15 Note circulation ! 551 594 557 522 Deposits j 110 189 183 157 Bank of Norway (millions of kroner): D N F T G F o o o o o o r r t l m t e e d a e i i l _ e g g c s d n n i t e r i c c b p d u a o e c l l p s a r a i o e t n t i s s d o c i i e t n t s s s and bills 3 2 1 1 2 4 5 6 5 2 7 3 0 1 2 3 1 2 1 4 9 5 8 6 7 0 3 2 2 3 1 3 8 0 3 4 2 5 3 8 2 7 3 2 1 1 4 3 6 5 7 9 3 1 Sw fr i a s N L D G F n s o o c o o e r s a l m t N e d e ) n : i a a s g c n t n i a i d r o n c b n d u d a a l e l d a l a p t i n o i s o B c c s n e i o a t s u n s n a k n t s d ( m bi i l l l l s i ons of _ I I ! j i | 9 3 6 1 2 3 7 1 7 8 3 9 0 1 5 3 9 1 1 7 2 0 0 3 9 9 0 8 0 9 5 3 1 8 0 7 7 6 0 8 6 9 9 5 2 9 2 0 1 1 6 0 7 7 8 7 0 Reserve Bank of Peru (thousands of \ National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold.. 38,786 39,492 51, 553 Gold 97 97 94 Gold against demand deposits.. 4,188 3,400 2,172 Foreign notes and credits 226 222 252 261 Foreign exchange reserve 17,741 16,747 Loans and discounts 1,394 1,345 1,297 1,549 Bills 14,239 15, 791 23, 372 Advances to State. 2,997 2,997 2,997 2,966 Note circulation _ 57,453 58,500 66,055 Note circulation _ 5,317 5,230 5,281 5,299 Deposits 8,376 6,799 3,570 Deposits 1,153 1,247 1,441 1,020 1 Figures for July, 1929, have been convened from libras (par $4.8665) into soles (par $0.4000). See Federal Reserve Bulletin for May, 1930. ' Revised. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
563 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN CONDITION OF COMMERCIAL BANKS Millions of national currency Millions of dollars Country 1930 1930 May June ! July May June July March April May June July Canada: Millions of dollars I Gold and subsidiary coin 1 60 60 63 ! 64 61 62 60 60 60 60 63 Money at call and short notice 417 435 422 I 594 594 577 428 ! 415 415 417 435 422 Current loans and discounts 1,573 1, 550 1,502 j 1,559 1,566 1,572 1,628 i 1,626 1,601 1,573 1,550 1,502 Public and railway securities 431 444 447 523 525 470 423 i 418 428 431 444 447 Note circulation. 165 166 152 168 187 170 159 163 155 165 166 152 Individual deposits 2,401 2,449 2, 3S1 2,560 2, 559 2,578 2,455 2,459 2,472 2,401 2, 449 2,391 Gold reserve against Dominion notes.. 65 66 77 59 59 59 63 63 64 65 66 77 Dominion note circulation __. 170 174 166 197 210 196 169 174 174 170 174 166 Argentina: Bank of the Nation— Millions of pesos Gold 7 75 65 6 6 6 Other cash 126 123 125 121 125 99 98 108 110 104 Loans and discounts 564 586 530 549 542 532 525 533 492 495 Deposits 721 742 750 734 649 631 646 629 613 Other banks in Buenos Aires- Gold 10 10 11 13 12 10 10 10 10 Other cash 189 197 173 177 156 156 166 166 165 166 Loans and discounts 870 870 846 843 852 789 754 780 759 735 Deposits 1,003 1,015 976 979 972 | 867 867 890 875 857 Millions of pounds England: sterling Cash in vault and at banks 187 189 191 917 938 924 ! 884 882 911 897 921 931 Money at call and short notice ... 137 144 143 694 728 696 621 645 650 666 699 697 Advances and discounts 1,204 1,231 1,236 5,701 5, 813 5,932 I 5,799 5,631 5,729 5,857 5,993 6,015 Investments 231 233 241 1,189 1,185 1,178 I 1,113 1,096 1,095 1,127 1,132 1,171 Deposits 1,742 1, 788 1,794 8,429 8,615 8,654 I 8,341 8,185 8,331 8,478 8,701 8,730 France: Millions of francs Bills and national-defense bonds. 19,430 776 810 782 j 829 804 773 762 Loans and advances 10,707 : 404 391 415 ! 426 I 418 440 420 Demand deposits 34,126 •• 1,305 1*303 1,272 | 1,324 1,314 1,325 1,338 Time deposits ,556 I 38 39 50 I 58 57 61 Germany: Millions of reichsmarks Bills and treasury notes 3~, 1"6"9 3,256 2,964 750 I 770 755 755 776 706 Due from other banks... 1,154 1,113 1,218 276 282 271 275 265 290 Miscellaneous loans 8, 642 8, 588 8,579 2,039 2,052 2,076 2,059 2,046 2,044 Deposits _. 12, 240 12, 297 12, 067 2,867 2,920 2,921 2,916 2,929 2,874 Acceptances 487 481 507 125 122 117 116 115 121 Italy: Millions of lire Cash 60 Bills discounted _. 441 Due from correspondents 286 Due to correspondents 710 Deposits 161 Denmark: Millions of kroner Loans and discounts 1,814 1,823 : 467 473 476 485 488 491 486 489 D ue from foreign banks 109 • 124 i 38 38 37 31 33 30 29 33 Due to foreign banks _. 83 ; 69 ! 19 17 18 23 24 22 22 ! 18 Deposits and current accounts 1,985 ! 2,003 i 526 524 523 528 532 532 532 | 537 Norway: Millions of kroner Loans and discounts 1,235 1,226 335 336 330 329 333 331 ! 328 Due from foreign banks 112 106 28 27 33 31 28 30 30 28 Due to foreign banks 75 68 22 21 22 20 20 21 20 18 Rediscounts 80 78 27 27 26 25 24 24 22 21 Deposits ' 1, 490 1,483 417 417 417 404 402 ••399 397 Sweden: Millions of kronor Loans and discounts 4,376 4,407 4,437 1,103 1,107 1,120 1,159 1,166 1,167 1,173 1,181 1,189 Foreign bills and credits abroad.. 255 268 304 68 70 74 71 72 70 68 72 81 Due to foreign banks... 158 259 237 32 30 31 32 38 42 42 69 64 Rediscounts 56 71 14 62 70 51 41 42 24 15 19 4 Deposits 3,661 3, 649 3,722 930 970 980 989 981 978 997 Japan: M llions of yen Cash on hand 257 230 197 154 127 118 119 114 140 128 115 Total loans 2,160 2,192 2,176 914 933 951 1,075 1,080 1,061 1,077 1,093 1,086 Total deposits 2,049 2,072 2,052 920 952 1,028 1,022 1,017 1,021 1, 033 1,023 i Not including amounts held abroad. r Revised. NOTE.—Banks included are as follows: Canada—Chartered banks; England—nine London clearing banks; France—four commercial banks; Germany—six Berlin banks; Italy—four private banks; Denmark, Norway, and Sweden—joint-stock banks; Japan—Tokyo banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
564 FEDERAL RESERVE BULLETIN SEFTEMBEE, 1930 DISCOUNT RATES OF CENTRAL BANKS [Rate prevailing September 1, 1930, with date of latest change] Country Bate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Country Rate I s n i n e c f e f — ect Austria 5*6 May 24,1930 England, . 3 May 1, 1930 Japan 5.48 Oct. 10,1927 Portugal __ 7*6 June 2,1930 Belgium 2*6 Aug. 1,1930 Estonia 8 Oct. 3,1929 Java 4*6 Mar. 10,1930 Rumania 9 Nov. 26,1929 Bulgaria 10 July 2,1929 Finland... 6 Aug. 26,1930 Latvia 6-7 Apr. 1,192S Russia 8 Mar. 22,1927 Chile 7 Aug. 4,1930 France _ May 2,1930 Lithuania. _. 6 Apr. 1,1930 South Africa. 6 Aug. 17,1929- Colombia 8 May 21,1930 Germany. 4 June 21,1930 Netherlands. 3 Mar. 25,1930 Spain 6 July 17,1930 Czechoslovakia 4 June 25,1930 Greece .. 9 Nov. 30,1928 Norway. 4*6 Mar. 21,1930 Sweden 31/2 Apr. 3,1930 Danzig.. 4 Aug. 19,1930 Hungary. _ 5*6 May 30,1930 Peru Sept. 1,1930 Switzerland 2# July 10,1930 Denmark 4 May 3,1930 India 5 July 10,1930 Poland 6*6 June 13,1930 Yugoslavia.. 5*6 May 28,1930 Ecuador 9 Jan. 10,1930 Italy 5*6 May 19,1930 Changes: Chile—August 4, from 6 to 7 per cent; Danzig—August 19, from 4*4 to 4 per cent; Finland— August 26, from 6*6 to 6 per cent; Peru- September 1, from 8 to 7 per cent. MONEY RATES IN FOREIGN COUNTRIES England (London) Germany (Berlin) Netherlands (Amster- Switzerdam) land Month Da m y o -t n o e - y day o a B n l l a d o n e w k p a e o n r s c s i ' e ts d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r Da m y o -t n o e - y day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n f t o h r d P is r r c i a v o t a u e t n e t- 1929—February 5.05 4.96 4.33 2*6-3*4 5.80 7.07 6.33 4.39 4.78 3.31 March 5.33 5.30 4.51 3*6 6.31 7.30 6.97 4.64 5.05 3.39 April 5.21 5.18 4.43 3*6 6.63 7.57 6.85 5.36 5.81 3.45 May 5.21 5.21 4.67 3*6 7.49 9.65 9.32 5.37 5.88 3.34 June 5.32 5.35 4.23 3*6 7.50 9.89 7.90 5.30 5.30 3.26 July 5.38 5.39 4.54 . 3*6 7.39 9.35 8.21 5.20 4.90 3.19 August 5.47 5.48 4.35 3*6 7.18 9.43 7.42 5.06 4.68 3.33 September 5.59 5.63 4.39 3*6-4*6 7.18 9.48 7.86 5.36 5.32 3.38 October 6.13 6.19 5.45 4*6-4 7.28 9.06 8.06 5.15 4.52 3.38. November 5.35 5.30 5.15 4 -3*6 6.89 8.29 7.79 4.26 4.17 3.32 December 4.76 4.75 4.23 3*6-3 6.98 8.78 8.14 3.52 3.87 3.15. 1930—January 4.07 4.04 3.62 3 6.33 7.71 6.03 2.99 2.85 2.97 February 3.82 3.72 3.76 3 -2*6 5.53 6.72 6.01 2.80 2.94 2.71 March 2.78 2.55 3.20 2*4-1*6 5.12 6.35 5.57 2.50 2.61 2.60 April. _.. 2.48 2.49 2.28 m 4.46 5.57 4.40 2.52 3.08 2.61 May 2.16 2.11 1.93 1 3.89 5.00 3.62 2.29 2.53 2.44 June 2.31 2.30 1.93 3.58 4.80 3.74 1.89 1.93 2.06 July 2.37 2.38 1.78 1 3.40 4.57 4.30 1.92: Belgium France Italy Sweden (Brussels) (Paris) (Milan) Austria (Vienna) Hungary ( h S o to lm ck ) - Japan (Tokyo) Month d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r c i a v o t a e u t n e t d P is r r i c a v o t a e u t n e t M m f o o o n n rl e th y c c i o a P l m r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s 3 th u s p Dis b co il u ls nted ov m e C o rn a n l i e l g y ht 1929— M F a e r b c ru h a ry _ _ _ 3 3 . . 9 9 7 7 3 3. . 3 3 7 9 6 6 . . 0 3 0 1 6 6* M 4 6 - - 6 6 M H e 7 7 * * 4 4 - - 8 8 * * 4 4 7 7 H % - - 8 8 * * 6 6 6 6 3 ^ 4 -8 -8 3 3 4 4 m-m 5 5 . . 6 6 6 6 - - 5 5 . . 8 8 4 4 3 2. . 9 1 2 0 - A M p a r y i l.... _— 3 3. . 9 9 6 7 3 3 . . 4 4 4 9 | 6 6 . .7 8 5 3 6 7 5 H /t 6 -7 -7 * * 4 4 7 8 3 ,6 - - 9 83/4 m- 9 7 7 - - 9 9 4H-6H 5 5 . . 4 4 8 8 - - 5 5 . . 6 6 6 6 3 3. . 2 6 9 5 - June 3.97 3.50 6.75 7?/i 6-7*4 8*4-9 7 -9 5.48-5.66 3.29* m- 994 4H-63^ July 4.04 3.50 ! 6.75 7*4 -7% 8*4-9 894-10 7 -834 5.48-5. 66 3.10 August __. 4.93 3.50 6.85 7*4 -7^6 8*4-9 834-1034 7 -8 4^-63^ 5.48 3.10 September 4.94 3.50 7.01 7% 8*4-9*4 894-10*4 634-8 5H-7 5.48 2.92 October _. " 4.94 3.50 7.18 8 -m 9 -10 9 -1034 734-8 5*6-7 5.48 3.47" November 4.57 3.50 ; 7.00 7% -8*4 &H-1Q 8*6- 934 63^-7% 53^-7 5.48 3.47 December 4.40 3.50 ; 7.00 m -7% 8*6-9*4 s*6- 934 7 -73^ 5*6-7 5.48 3.10 1930—January _ 3.40 3.38 7.00 . 6*6-7*4 794-8% 7*6-10 6H-7H 4^-6 5.48 2.74 February. _-___ 3.41 2.91 6.95 eMe-6H 7 -8 7 - 9H 4*6-6 5.48 3.83 March 3.31 2.70 6.57 5H-6 634-7% 63/4- SH 4 -6 5.48 3.83 April 3.33 2.57 j 6.43 5 -5*6 6*6-7*£ 5 -6H 33^-5*6 5.48 3.65 May.. 2.87 2.36 5.81 4% -5 6*6-7 5^-8 47A-Q 3*6-5*6 5.48 3.10 June 2.78 2.11 5.50 4*6-4% 6 -6*6 5H- 8 4H-6H 3*6-5*6 5.48 3.83 July ..... 2.78 2.08 5.50 49*6-4*6 6 -6*6 3*6-5^ NOTE.—For sources used, methods of quotation, and back figures, see BULLETIN for November, 1926, April, 1927, July, 1929, November, 1929, and» May, 1930. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
565 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Monthly averages of daily quotations. 1 In cents per unit of foreign currency] 1930 1930 Par Par Country Monetary unit of ex- Country Monetary unit of exchange June July August change June July August EUROPE SOUTH AMERICA Austria Schilling 14.07 14. 0898 14.1073 14 1182 Argentina Peos 96.48 84.4773 82.0511 82. 4855 Belgium Belga 13.90 13. 9529 13.9754 13. 9838 Bolivia 2 Boliviano 36.50 36.1000 36.0000 36. 3750 Bulgaria Lev .72 .7208 .7218 .7219 Brazil Milreis 11.96 11. 3983 10.8752 9. 9571 Czechoslovakia- Crown 2.96 2. 9655 2. 965* 2. 9661 Chile Peso 12.17 12.0777 12.0908 12.1133 Denmark. Krone 26 80 26.7556 26 7914 26. 8150 Colombia do 97 33 96. 6328 96. 5542 96. 5246 Ecuador 2_ Sucre 20.00 20.0000 20.0000 20.0000 England.. Pound 486. 65 485. 8667 486. 5691 487. 0709 Peru 2 Sol 40.00 38. 2500 37.6923 35. 9808 Finland .__ Markka 2.52 2. 5172 2 5173 2. 5175 Uruguay Peso 103.42 89.1731 85.4430 82. 9367 France Franc 3.92 3. 9241 3.9343 3. 9337 Venezuela 2 Bolivar . ... 19.30 18. 9748 19.0000 18. 8304 Germany _ Reichsmark 23.82 23. 8498 23.8693 23. 8893 Greece Drachma 1.30 1. 2955 1. 2961 1. 2969 ASIA Hungary Pengo 17.49 17. 4820 17.5117 17. 5294 China * Mexican dollar.. 27.90 26. 5046 26. 6238 27. 8666 Italy Lira . 5.26 5. 2380 5. 2383 5. 2384 China* Shanghai tael..- 38.46 37.0400 36.9428 38. 5445 Netherlands Florin 40.20 40.1991 40. 2375 40. 2908 China * Yuan dollar. 27.28 26. 3800 26.4839 27. 7580 Norway Krone 26.80 26. 7634 26.7913 26. 8101 Hong Kong <_._ Dollar 27.69 31.1427 31.1799 32. 2054 Poland . Zloty 11 22 11 2010 11 2085 11. 2065 India Rupee 36 50 35.9971 36 0598 36. 0417 Portugal Escudo 108. 05 4. 4983 4 4947 4. 5046 Japan -. Yen . 49.85 49.4070 49.3597 49. 3853 Java 2 Florin 40.20 40. 2292 40. 2565 40. 3023 Rumania Leu .60 .5947 . 5955 .5958 Straits Settle- Singapore dol- 56.78 55. 9132 55.9408 55. 9482 Russia 2 Chervonetz 514. 608 515.00003 515. 00003 515.0000 ments. lar. Spain Peseta 19.30 11. 7490 11. 5243 10. 8762 Turkey Turkish pound.. 439. 65 s 47. 0542 6 46. 9862 7 46. 9356 Sweden Krona 26.80 26. 8480 26 8837 26. 8914 Switzerland Franc 19.30 19. 3669 19.4279 19. 4449 AFRICA Yugoslavia Dinar 19.30 1. 7661 1.7704 1. 7727 Egypt ... . . Egyptian pound 494. 315 498.6854• 498. 3372i 498.2290 NORTH AMERICA Canada Dollar 100.00 99. 9913 100.0697 100. 0943 Cuba Peso 100 00 99 9403 99 9092 99. 9449 Mexico -.. .do 49.85 47. 4135 47.128: 47. 3364 1 Based on noon buying rates for cable transfers in New York. 2 Averages based on daily quotations of closing rates as published by New York Journal of Commerce. 3 Chervonetz quotations nominal. * Silver currency. The figure given for parity represents gold value of unit in August, 1930, computed by multiplying silver eontent of unit by New York average price of silver for August, 1930, which was $0.35504 per fine ounce. On the same basis, parity in August, 1929, for the Chinese- Mexican dollar was 41.56 cents; for the Shanghai tael, 57.29 cents; for the Yuan dollar, 40.65 cents; and for the Hong Kong dollar, 41.25 cents. 5 April, 1930. e May, 1930. i June, 1930. Back figures.—Sea BULLETIN for January, 1930, 1929, and 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
566 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES United States Canada England France Germany Italy Japan Month 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January - _ _ 97 93 94 96 138 131 657 576 139 132 461 417 228 201 February 97 92 95 94 138 128 660 567 139 129 463 408 226 199 March 98 91 96 92 140 125 654 558 140 126 461 400 226 196 April 97 91 95 92 139 124 648 548 137 127 455 396 225 193 May 96 89 93 90 136 122 643 546 136 126 452 390 223 189 June 96 87 94 88 136 121 629 540 135 125 447 382 222 181 July 98 84 96 86 137 119 624 558 138 125 440 375 220 177 August 98 98 136 598 138 437 218 September 98 97 136 608 138 437 218 October. .__.__ 96 97 136 607 137 436 216 November 94 96 134 603 136 431 211 December 94 96 133 596 134 425 205 Australia Austria Belgium China Czechoslovakia Denmark Du I t n c d h i e E s ast 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 157 151 128 125 867 808 160 170 139 126 151 143 149 143 February 156 147 130 123 865 791 162 175 139 124 159 140 149 141 March 157 144 133 121 869 774 164 174 141 122 154 136 150 139 April _ 158 146 134 119 862 777 161 174 141 121 150 135 148 138 May 156 148 135 118 851 774 162 173 137 120 148 132 150 136 June 158 145 134 121 848 750 163 186 134 119 146 130 149 July 159 132 119 858 739 163 190 135 120 149 129 149 August 160 132 850 165 134 150 148 September 163 128 846 167 132 150 148 October 161 127 838 168 131 149 147 November 158 125 834 165 130 147 146 December 154 123 823 165 128 146 144 Egypt Finland Hungary India Netherlands New Zealand Norway 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January 125 109 100 94 132 106 145 131 146 131 155 155 149 144 February _ 122 106 100 93 136 104 144 126 146 126 155 155 150 143 March 123 101 100 92 136 100 143 125 147 122 155 154 150 142 April 120 101 99 92 135 96 140 123 144 122 155 154 148 141 May _ . 114 101 98 90 123 96 139 121 142 118 155 154 146 140 June 108 100 98 90 122 94 138 116 141 118 155 147 139 July . . . 109 102 97 90 119 142 115 141 156 • 149 138 August 112 97 114 143 142 156 148 September 113 96 109 143 141 157 148 October 115 96 111 140 140 156 147 November 112 95 107 137 137 155 146 December 110 95 107 134 135 154 146 Peru Poland Russia South Africa Spain Sweden Switzerland 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 1929 1930 January.. 186 181 98 88 177 182 135 121 171 172 144 131 143 136 February 185 181 99 85 177 186 173 172 145 128 143 133 March _ 189 180 99 85 178 187 I 174 172 144 125 142 131 April 185 179 98 89 179 187 131 117 174 172 141 124 140 129 May 186 179 95 86 180 171 168 140 123 139 128 June 186 178 95 181 170 139 123 139 126 July 187 177 96 180 129 169 140 143 126 August _ 187 95 180 170 141 143 September _ 186 94 181 171 140 142 October 186 93 182 128 172 138 142 November 184 95 181 171 135 140 December 182 92 182 172 134 139 NOTE.—All of the indexes shown, with two or three exceptions, are compiled by official agencies in the countries to which they relate, as indicated specifically in the BULLETIN for March (p. 124), where references are also given to sources in which current figures of the index numbers may be found. The base periods are as follows: United States—1926; Australia—July, 1914; Austria—January-July, 1914; Belgium—April, 1914; Canada—1926; China—February, 1913; Czechoslovakia—July, 1914; Denmark—1913; Dutch East Indies—1913; Egypt—January 1, 1913-July 31, 1914; England—1913; Finland— 1926; France—1913; Germany—1913; Hungary—1913; India—July, 1914; Italy—1913; Japan—October, 1900; Netherlands—1913; New Zealand— 1909-1913; Norway—December 31, 1913-June 30, 1914; Peru—1913; Pofcmd—1927; Russia—1913; South Africa—1910; Spain—1913', Sweden—1913; Switzerland—July, 1914. Annual indexes for the years 1925-1929 and in certain cases for 1913 and 1914 were given in the BULLETIN for April (p. 256). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
567 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN WHOLESALE PRICES—GROUPS OF COMMODITIES I Other commodities ag N r o ic n u - l- UNITED ST 1 A 00 T ) ES (1926=- m Al o l d c it o i m es - s! ! ! ! p ro F d ar u m cts Foods Total i p T ro e d x u ti c le tsm Fu a e te l r a ia n l d s p M r m o a d e n e t u t d a a c l l t s s1 ; H go i o n o u g d s s e- l M an is e c o e u l s -I m c t t u o i o r e m d a s i l - - 1929—July 98 108 103 j 93 82 105 ; 93 97 96 1930—January... 93 1 101 97 | 89 80 101 i 93 97 91 February.. 92 ' 98 96 ! 88 79 101 ! 92 97 91 March 91 1 95 94 i 87 77 101 I 91 97 I 90 April 91 96 95 | 86 78 99 ! 91 96 May 89 i 93 92 ; 85 78 97 • 90 96 June 87 ; 89 91 | 82 76 95 89 ; 96 July 84 i 83 80 75 94 88 ! 96 84 Foods Industrial products All com- Other I ENGLAND (1913=100) modities Total Cereals an M d e f a i t sh s I a t r n e o d e n l Coal m m i a n e n e t d a ra ls ls Cotton I Wool te O x t t h il e e r sl M an is e c o e u l s - 1929—July 149 143 144 115 121 117 153 163 131 136 1930—January.. 131 139 • 129 154 115 130 110 141 145 123 130 February. 128 135 122 152 115 129 110 134 135 120 129 March.... 125 129 ; 114 145 115 127 107 131 129 116 127 April 124 129 i 117 141 114 122 104 131 127 115 127 May 122 127 114 136 114 119 95 130 129 110 128 June 121 127 | 111 135 114 117 93 126 127 104 126 July 119 127 i 108 136 113 116 92 123 124 98 124 Industrial products FRANCE (1913=100) H a i n d d es c C al h p em ro i d - -Rubber; Paper |Lumber C b e a r m i n c d e k n , t leather ucts etc. 1929—July 445 579 133 | 677 969 636 1930—January.. 438 602 89 I 685 j 987 708 February 439 613 94 j 087 708 March 425 607 90 ; 667 i 987 708 April 405 598 86 i 667 | 987 708 May 405 592 81 I 667 : 978 708 June '403 593 74 ! 667 ! 978 708 July 399 582 65 j 684 956 720 Industrial raw and semifinished products GERMANY (1913 = 100) m Al o l d c i o ti m es - P s r i o on v s i- j ! Total Coal Iron N r o o n u f s ermetals 1929—July 138 j 132 j 128 | 131 137 131 118 1930— F J e a b n r u u a a ry ry 1 1 2 3 9 2 ; ' 1 1 1 2 6 2 1 11 1 2 7 1 1 2 28 3 1 11 1 5 5 I j 1 1 2 2 8 7 1 1 3 3 8 8 1 12 3 9 0 1 11 1 1 2 March 126 | 110 109 116 118 j 126 138 129 109 April 127 112 118 113 j 118 i 125 136 128 103 J M u a n y e 1 1 2 2 5 6 I | 1 1 1 1 0 1 1 11 1 9 8 1 1 0 1 9 0 I 1 1 1 1 5 7 i ; 1 12 2 4 2 1 1 3 3 5 6 1 12 2 6 8 9 8 0 7 July 1251 115 120 112 114 ' 119 136 125 84 Industrial raw and semifinished products—Continued Industrial finished products Textiles l H e a a i n t d h d e e s r Ch c e a m ls i- f A er r t t i i l f i i z c e ia rs l T o e i c l f s h a a n ts n ic d al Rubber and paper > Total • d g u P o c r o e o d r - s s' su g C o m o o e n d r - s s' 1929—July j 139 126 81 127 31 I 152 ! 159 157 ! 139 171 1930—January j 125 116 127 85 128 21 i 151 ! 158 156 140 168 February ! 118 114 127 86 127 22 | 150 j 158 155 139 166 March | 114 111 127 86 126 22 I 150: 157 153 139 163 April i 116 110 127 86 127 21 | 149 ! 157 152 139 162 May ! 116 111 12fi 83 135 20 147 j 156 j 152 139 161 June | ill 112 126 84 134 18 145 i 153 I 151 138 161 July j 105 108 125 « 80 131 17 ! 143 149 | 151 138 160 1 The index for other commodities, recently published by the Bureau of Labor Statistics, includes Xhe prices of articles In the all-commodities index with the exception of those for farm products and foods; the nonagricultural index omits merely larm products. »• Revised. NOTE.—Annual indexes for the groups shown in the table are given for the years 1913 and 1925-1929 in the BULLETIN for April (p. 257). Original sources for these indexes are: United States—Wholesale Prices of Commodities, Bureau of Labor Statistics, Department of Labor; England— Board of Trade Journal and Commercial Gazette, Board of Trade; France— Bulletin de la Statistique G6ne"rale de la France, Supplement Mensuel, Statistique G6nerale de la France; and Germany—Wirtschaft und Statistik, Statistisches Reichsamt. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
568 FEDEKAL KESERVE BULLETIN SEPTEMBER, 1930 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA ENGLAND PRODUCTION TRANSPORTATION i Unem- Coal i P ro ig n i S n c i a n a g t n e g s o d e t s t - l s i s F s t h i e n e e d - l s v c u R o i p s t a p i t b w o ly l n e i m t u s I a u t f r n a e a r o e d e n c n s l - - Coal t u C u t f o a r o n e c t- s - w W ti o s a o r s n o s u d t l e e e s d n R c to o a n t w - w R o aw ol r C u r b u b d e e r h R w id a e w e t s c c S a l w e r h a g i i t r o p h e s d 2 r B F e r t r c r e i e a t igg i i i s p n h h t t s - r | a F i t r t l r e r w a a i f gg a f in i h y c t s - , ' ! i a n p m m s lo u e o y n r n e - t g d Thousand long tons T b h a o le u s s. T lo h n o g u s to a n n s d sq M li . o y i n l d - . s T q h . o y u d s. . p M o i u ll n io d n s T p h o o u u n s d an s d Th to o n u s s.T £ h li s o n t g u e s r- . M m to i i l l n l e i - o s n c P e e n r t 1929 January 19,778 564 765 634 1,277 421 4,473 383 18,563 241 103 42,005 5,808 5,407 9,132 1,592 12.3 February 21, 326 520 775 599 1,326 380 3,890 329 14, 587 128 100 20,374 3, 622 4,617 8,239 1,478 12.2 March 3 26,992 591 860 660 1,268 350 4, 763 337 12,061 144 85 30, 237 4,947 5,510 9, 279 1,662 10.1 April 19, 462 611 809 621 1,267 340 4,756 353 9, 513 118 119 28,387 6,437 5,514 8,946 1,519 9.9 May 18, 401 655 844 577 1,190 443 5,328 325 11,286 115 99 22, 748 4,071 6,013 8,943 1,552 9.9 Juno . _ 3 24, 786 658 831 575 1,047 30V 4,883 227 10, 211 76 70 20,123 4,713 5,750 8,388 1,476 9.8 July 18. 875 672 805 555 956 376 5,848 360 17, 543 68 39 22, 501 7,058 6,183 9,054 1,580 9.9 August 3 23, 589 682 753 594 910 358 4,977 325 17,084 66 33 43,192 5,229 6,485 8,821 1,571 10.1 Setember _. 20,380 665 848 646 892 300 5,206 240 11,287 64 18 46,122 5,737 5,967 8,875 1,564 10.0 October 20, 613 689 890 610 923 390 5,761 269 11,105 131 22 46,379 7,161 6,220 9,690 1,695 10.4 November 3 26, 420 631 815 568 1,060 383 5,394 287 10, 815 191 49 38, 580 9,256 5,857 9,329 1,658 11.0 December 19, 975 643 661 551 1,154 332 4,988 276 11,410 196 78 34, 561 8,556 5,167 8,244 1,518 11.1 1930 J J J A F M M u u a e p n n a l a b y r y e r u i r c l a u h r a y ry 5 2 2 1 2 1 1 2 2 1 6 6 8 6 4 , , , , , , , 1 9 4 5 4 0 0 8 2 6 8 6 8 8 9 0 6 1 2 7 5 4 6 6 6 6 6 5 8 0 5 2 6 6 1 6 7 0 0 6 3 5 7 7 8 6 6 6 6 7 9 0 2 9 7 2 6 6 0 6 2 1 1 v r • 6 " 5 6 5 6 2 5 4 3 1 8 5 9 3 1 1 1 1 1, , , , 0 1 2 1 9 9 8 9 2 1 7 4 9 8 6 9 3 5 7 5 5 3 3 3 2 2 2 2 0 3 5 5 9 6 9 3 8 1 2 5 8 4 4 4 4 4 5 4 5 , , , , , , , 0 4 7 0 7 6 4 5 9 5 5 3 8 2 6 3 7 4 6 3 3 3 3 2 2 2 2 1 1 1 0 8 0 2 6 9 2 6 4 0 0 1 I 1 1 9 6 7 6 3 4 , , , , , , ,0 6 8 9 9 0 8 4 3 4 8 5 9 1 0 0 4 5 1 1 1 9 7 4 6 2 7 0 1 6 1 3 5 2 2 1 9 8 8 9 7 4 0 5 2 6 0 1 9 1 3 3 3 3 3 2 2 5 5 2 1 5 9 3 , , , , , , , 8 2 3 4 6 2 7 3 2 2 6 8 6 9 3 7 2 4 5 5 7 6 5 4 6 6 7 6 , , , , , , , 7 3 6 2 7 3 2 2 8 9 4 1 2 1 0 3 7 3 0 1 1 4 5 5 5 5 5 5 , , , , , , , 2 7 9 7 3 9 3 5 8 1 3 4 8 5 9 8 4 5 1 1 3 9 8 8 8 8 , , , , , 6 1 4 9 1 4 0 3 1 8 8 9 3 5 5 X 1 1 1 1 1, , , , , 5 5 6 6 4 3 2 3 1 5 9 9 6 1 8 1 1 1 1 1 1 1 5 4 5 3 7 4 2 . . . . . . . 3 0 6 6 8 1 1 10,116 1 End-of-month figures. 2 Includes Irish Free State. 3 5 weeks. r Revised. Preliminary. FRANCE PRODUCTION PO E R X T - S IMPORTS TRANSPORTATION Regis- Busi- Coal* i P ro ig n C s r te u e d l e C y o a t r t n on C c o lo tt t o h n v T o o lu ta m l e v T o o lu ta m l e f c s o R u o t r i m t a o t c w o n p o n - n- f s o R u t s r i i m a o l c w k n p o - n- f s o C u t r i m o o c a n p o l - n-c S c l w e a h a i r i t g r p h e o s d Fr l i o e c n i a a g g d r s h - t- o R p f a e w p l c a r e r y i i a n p s i c l t - s i- p u l t o n e y e re e m d d - 2 u n fa e r i e s l s s - Thousand metric tons T g k h r i a o l m o u - s s . o m P f i e e 1 t c , e 0 e r 0 s s 0 m T e h t o ri u c s a to n n d s Metric tons T m t h o e o t n r u s i s c . T t h o o n u s s. A nu d v m a e i r b l a y g er e Th f o ra u n s c a s nd N b u e m r - N b u e m r - 1929 January ... 5,485 903 841 12,402 31,811 3,006 4,316 44,104 439 1, 516 3,534 59,984 1,023,011 1, 604 757 February 5,227 782 743 10, 641 28,190 3,273 4,288 39,988 437 1,703 3, 236 61,193 1, 055, 466 3,527 750 March_ 5,803 880 805 11,457 29, 678 3,108 4,690 29,380 645 2,005 4,034 65,185 1,162, 258 1,078 930 April 5,713 871 810 11,193 26, 983 3,217 5,073 28, 508 321 2,018 4,279 67, 586 3 1,480,393 706 561 May 5,472 897 820 10,766 28, 651 3,087 4,921 28, 675 521 1,889 4,378 63.358 1,154,193 558 791 June 5,626 865 795 10, 894 26, 346 3, 617 5, 322 21,987 450 1,998 4, 426 66. 370 1,198,412 394 746 July. 6,077 878 815 11, 525 26,366 3, HI 5,062 20,717 361 2,056 4,207 63, 510 3 1, 525, 234 399 812 August.. _. __ 5,894 893 827 11, 445 2o, 558 3,214 5,121 22, 346 420 2,013 4,578 63, 536 1, 260, 026 403 645 September 5,504 851 763 10, 851 27, 248 3, 609 5,151 14, 324 556 2,130 4,275 66, 776 3 1, 637, 854 385 420 October 6,220 894 847 11,488 29, 699 3,217 5,037 28, 708 602 2,073 4,403 69,674 1, 278, 657 396 734 November .. ._ 5,850 852 786 10, 235 26, 590 3, 314 5,173 38, 709 547 2, 064 4,191 68,153 1,189,981 577 804 December , 5,631 879 812 10, 826 26, 884 3,485 5,292 47, 756 385 2,192 3,649 66, 332 3 1,497, 782 817 764 1930 January 6,254 87o 800 11, 689 27, 819 2,908 5,210 45,166 280 2,371 3,699 64,353 1,105, 281 1,484 907 February 5,768 815 772 10, 640 25, 635 3,227 5,383 31, 807 322 2, 393 3,337 66,703 1,122, 822 1,683 772 March 5, 950 ••898 '848 11, 072 26,186 3, 351 4,681 34,8«2 358 1,750 4,078 66, 295 1,128, 663 1,630 871 April 5,693 854 787 3,012 5, o21 29,776 311 2,315 4,435 P63,200 3 1,451,352 1,203 732 May 5, 736 901 855 3,087 4,926 23, 942 333 2,078 4,826 ^65,100 1,171, 690 859 852 June v 4, 212 849 770 2,966 4,741 4,365 P63,400 1,180, 868 1,019 733 July 3 1,529,982 856 748 1 1 Coal and lignite, including Lorraine and the Saar. 2 End-of-month figures. 3 5 weeks. • Revised. Preliminary. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 569 INDUSTRIAL STATISTICS FOR ENGLAND, FRANCE, GERMANY, AND CANADA--Continued GERMANY TRANSPORTA- UNEMPLOY- PRODUCTION TION MENT Coal L ni i t g e - Pig C s r te u e d l e P a o sh t- m t I i a u f a r r a n r o c o n - e d n n u s - c t h p e s M a r i l u l i n n e i c p a e d c e a - - s - r l y s D d a tu y y n f e d e f - s s Coal w R o aw ol R c p o a e p w r - C to o n t- Iron ore A H a b v s l r u e a i s e r n s m r l i - s g v o - f - F l r i o c e n a a i g g d r s h - t T p u u m l n b r n o a e e e i y m d o r m e s e n d - - - p U p r S e e a l n o i c r i t n s d e a e y o g i m t e v e 1 n d - - s B u n fa u e r i e s s l i s s - Thous. Thousand metric tons Metric tons t r n o e e n g t s . T w h o o a n g u s - s, c P e e n r t Number 1929 January.._ 13,490 14:, 817 1,098 1,470 143 419, 589 61, 386 14,975 1,909,657 17,786 15,660 54;,,282 1,312,346 1,679 3,376 19.4 2,391,637 832 February.. 12,104 13!,, 689 982 1,270 117 341, 312 63, 239 11, 639 1,307,227 20"),, 294112, 227 31,893 496,159 1,307 3,072 22. 3 2,622,253 775 March 13,502 14:,,727 1, 061 1,314 121 346, 262 58,463 13, 585 2,240,475 191,, 899 18,490 28', 900 1,090,958 1,666 3,733 16. 9 2,091,435 930 April 13, 40^14, 226 1,105 1,415 118 619,460 68,159 16,469 2, 355,068 24;,! 544 21, 349 32,933 1,558,607 1,933 3, 929 11.1 1,324, 748 885 May 12, 759 1.33,, 669 1,1331 1,421 108 587,115 67, 598 16, 655 2, 258, 510 119,,63418,421 25, 1,933, 229 2,030 3,922 9.11, 010,781 846 June 13,221 13;,, 763 1,164i 1,430 115 522,03" 62,946 16, 630 2,152,011 155,, 890 22, 693 19, 1,925, 538 1,922 3, 934 8.5 929,579 803 July 14,362 14•,, 885 1,204! 1,466 125 545, 568 69,177 14, 831 2,385,043 12"I,, 55'77 17, 367 20, 698 1,635,792 1, 932 4,218 8.6 863, 594 845 August 14,467 15>,,136 1,168'' 1,402 125 519, 569 76, 203 14, 778 2,541,646 101,,811 16,209 20,268 2,108, 464 2,010 4,182 8.9 883,002 739 September. 13, 480 14I,, 220 1,1091 1,231 124 470, 068 67,493 13,616 2, 687,443 5,823,14,646 20,555 1,755,834 1,856 3,980 9.6 910, 245 657 October 14, 83516,050 1.157i 1,377 1331 505,883 75,516 13,326 2, 214, 5825, 511! 13, 610 38!,, 8751, 704, 731 1, 926 4,454 10.9 1,061,34 840 November. 14,15 5, 623 1,09b 1,28' 132 463,082 66, 903 13,164 2,106,138 5, 484j 14, 523F>8, 0451,579,999 1,856 4,131 13. 7 1,387,079 813 December. 13,6.r.2 14•,, 520 1,100! 1,156 120 173, 41.r 63, 094 12,381 2, 611, 289 1"0 ,^22 9,43^47, 466 1,491,62" 1,949 3,431 20.1 1,984,811 881 1930 January.. 14,3(1 -, 008 1,092: 1,275 152 521,398 76,162 12, 696 2, 556, 693 119,,559 11,823 43:,, 9501,619,111 1, 763 3, 281 22. 0 22,,482, 6481,106 February.. 12, If ., 372 965! 1, 176 142 434, 093 76, 370 12, 814 2,056,752 12,"""' 9, 60' 33,674 1, 686, 050 1, 725 2,989 23. "!, 655, 7213,103 March 12,511;*9 n,, 303 l,008i 1,201 132 491,149 82, 334 16, 554 2,028,909 11,957J10,684 2299,,837 1,327,068 1,918 3,416 21. 2, 347.102 1,142 April 11,48110, 826 »• 901: 1,033 104 423, 996 72, 698 14,407 •1.729,629 14:,, 6831 9, 496 29"1, , 77<421, 339, 841 1,806 3,218 20.32,081,038 1,006 May 11, 9531:.2,315 860! 1,034 462,956 76, 363 17,012 2,061,682 13,0155'7112, 16324, ••" 1, 371, 42i 2,036 3, 57 19. 51, 889, 2401,062 June 10, 80411, 746 767j 859 360, 642 66, 860 14, 941 1,937,851 17,945118,042 1188,, 3271,450,720 3, 162 19. £ 1.834,662 853 July 11, 605 12, 250 771 906 349,358 65, 873 15, 233 2,061, 615 14, 741:1! 414,0,3919, 3861, 322, 424 1,900,961 977 1 End of month figures. r Revised. CANADA Re- Receipts at ceipts stock- I d t d p t n i r i u u r o n d i o o c s a f - e n - - - l x Coa P l RO p D r U i C nt TION Flour i s t C w r c t t i G a r o o o a u C c n n l n r c t - - d s - - w l F W T a A i h a a o n o o t e i r m f d r r l - a t - t t T C t W o l a y e r t a o i - n r n d n t s o i B p i a e n o n g g d s ! P b a l o a n a n d r k d s s W pu o l o p d Wheat Coal ( p l " e e r u t u r m d o e - R c to o a n w t- c M e h r i a y n - - T l r i o n e c n o a u v a g t d r e e a s - - l m I p n e e l o m d o n f e y t - x - 1 u B n fa r e u e i s l s s s - i 2 thur 1 1 9 9 1 2 1 0 4 9 0 - = T sh h o o r u t s t a o n n d s Th b re a o l r u s - s T l h d a o o r l u s - s.T b h u e o s ls u h s - . Number i I ! l M f i e o e n i t l- Th lb o s u . s.T b h u e o s l u s h s - , T t h o o n u s s, T g h a o l u s. s.Th lb o s u . s. Th d la o o l r - u s s, N b u e m r - 19 1 2 0 6 0 = N b u e m r - 1929 January 209,0 1,585 212 1, 41,963 10,971 39,459 60,978; 111136,365 20,831 1,344 60,753 18,485 5,004|252, 217 109.1 252 February.. 203.1 1,650 1871 1,600 28, 426 2,918 27, 50742, 226' 94 112,273, 15, 220 1, 4091 49,214 13, 089 4, 675:261,410 110.5 197 March 200.1 1,388 218: 1,631 27,125 5,223 32,101 38, 597! 145 142,909 21, 207 1,651 76,445 16, 671 6,922 282, 315 111.4 180 April 197.5 1,394 222 1, 606 43, 328 9,691 42, 003 47,464! 109 115,075 7,314 998822 7711,113300 12, 201 5, 3771283, 745 110.4 174 May 199.9 1,405 246 1,749 64, 860 13,839 38, 956 43, 609; 168 151, 249 27,073 1,369 55,969 11, 219 6, 925 306, 728 116.2 185 Juno 189. 9 1,361 225 ., 548 72, 420 14, 683)30, 969 36, 744| 158 144,976 25, 588 11,3311331112442,27755 6,402 6, 390 310, 885 122.2 148 July 192.2 1,316 229 ., 603 57, 941 14, 60654, 38836,874 172 121,390l 17,019 1,4281117,725 6,44" 5,969 313,292 124.7 149 A ugust 193.6 1, 362 226 , 607 58, 622 2,373 52, 58730, 270 i 186 166, 421 10,156 1,608123,627 5, 233 5, 838 318, 200 127.8 137 September. 174. 5 1,408 228J ,283 46, 959 27, 75957, 54725,808! 165143,419 7,410 1, 5831 84,759 3, 550 5, 597:335, 338 126. 151 October 197.5 1, 599 252j ,528 57,084 28,918 73, 07841, 5141 193 140, 482 20, 722 1,942128,959 11,812 6, 4541353, 095 125.6 176 D N e o c v e e m m b b e e r r . . 1 1 6 95 1 . . 3 8 1 1, , 4 5 9 3 1 4 2 23 5 0 2 1 , , 0 6 7 2 3 9 3 4 2 5 , , 5 3 4 7 8 6 1 6 7 , , 1 0 7 1 8 0 6 39 3 , , 6 0 6 6 8 0 5 54 0 , ,0 5 8 5 5 8 1 1 1 5 6 2 1 1 6 3 5 1 ,1 ,6 6 9 9 4 1 2 1 2 5 , , 9 4 6 4 1 5 1 1 , , 4 6 5 4 1 9 ,16 7 2 3 . , 9 5 7 8 9 3 1 1 8 3 , , 1 0 5 2 9 9 5 5 , , 2 2 1 1 4 0 2 2 8 3 4 0 , , 6 74 3 0 0 1 1 2 1 4 9 . . 1 6 2 17 2 6 4 1930 January 187.8 1,630 206 168 37, 530 2,789 36, 36150, 587! 138 150, 618 4, 994 1,763 81,900 10, 626 5,173 241,603 261 February.. 164. 3 1,185 189 051 28, 464 1,832 27, 062 37, 535J 109133,024' 6,733 l,309i 80,522 7,678 4, 415 231, 515 205 March 167.0 1,130 207 219 24, 263 l,57f 25, 871 34, 605! 156172,403' 11,592 1,627 72,772 10,153 6, 575 257, 460 201 April 169. 8 907 228 215 48, 779 1, 35,161 44, 815J 90 94,537! 3,428 971 61,162 5,262 4,147 243, 810 195 May 186.7 1,115 238 1,394 46,862 7,406 29,916 33, 265i 154125,6471 13,467 1,356134,468 7,056 5,185 276, 620 170 June 168.0 1,128 214 54,428 23,691 28,247 36, 224 '146116,606 18,990 1,382 135,913 4,981 4,875 268,990 '168 July.. 161.8 217 37,374 142 19,862 4,732 264,180 1 First of month. 2 Total number of firms failing during the month. r Revised. 9442—30 tf Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
570 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS [NOTE.—The following summary of the legal provisions in force in the various States as of May 31, 1930, on the subject of bank reserves supersedes cited in the last column. The amounts expressed in percentages are based Dis- Vault reserve Balances in reserve depositaries State t N ri o c . t Institutions affected T re o s t e a r l v e a m re o q u u n i t r e o d f Amount May consist of— Amount May be carried in— Alabama.._ 6 All banks, firms, per- 15 per cent of de- Banks and bankers; provided said s ti o o n n s s d a o n i d n g b co a r n p k o i r n a g - mand deposits 2/5 Cash on hand (1). 3/5 b (1 a ) l . ances are payable on demand business (1). (1). Arizona 1,12 Solvent banks approved by the superintendent other than sav- Any bank authorized ings banks. Reserve deposit in b d co y e m p o l m a si w e t r s c , i t a o l d e r a p e l c a e p i e v i r n e , 15 a g n p re d e g r a d t c e e e m n d t a e n p o d o f s a i l t i g s - - Lawful money of a o c n e f n y t t h b e o a f n d k e th p s e o h s a c it l a a l p r n i y t o a t b l e a a x n n c k e d , e d a s n u 1 d r 5 p n l p u o e s t r or to make loans abilities (2). 1/3 United States 2/3 more than 25 per cent of a bank's thereon, and to lend 20 per cent in cities (2). reserve on deposit shall be kept money on real or over 50,000 (2). in any bank with a capital and personal property surplus of less than $200,000. No (1). two banks shall be reciprocal reserve depositaries for each other (2). Savings banks (3). 10 p o p s e i r t ce li n a t b i o l f it i d e e s - 1/4 La U w n fu it l e d m S o t n a e t y e s. of 3/4 So b l a v n en k t s b (3 a ) n . k s - other than savings (3). Arkansas.-. 8 20 per cent of ag- Other banks or trust companies, Reserve agents (2). gregate deposits 2/5 Cash (1). 3/5 in or out of State, approved by (2). commissioner (2). All other banks (1). 15 g r p e e g r a t c e e n d t e p o o f s a it g s - A part (1). ("ash (1). Re d m er a ( i 1 n ) - . A c p n o r y o m v o p e t a d h n e i b r e y s b w a c n o h k m ic , m h b i a h s n s a i k v o e s n , e b o r e r e a n t s r a u r p e st - - (1). serve agents (1). California- _ 12 18 per -cent of de- All commercial banks posits exclusive and all trust com- of United States panies doing com- and postal demercial business posits, State dewhich have prin- posits, and secipal place of busi- cured deposits of ness in cities of 100,- counties and Federal reserve bank or bank des- 000 or over (2), (9). municipalities ignated as depositary by super- (2). intendent of banks. Such de- 6 per cent positaries may be banks or Al a t a d b 5 t t l o h a l 0 n o u l r c w a , d i s 0 i o n n e i 0 n n m r t g 5 s 0 s r e e 0 u h m s s t , e s o i s 0 e p i t r c n 0 v r s 1 i c o c n 0 e 0 o i m 0 ( a m 2 c , o j l 0 m d u i ) 0 f p t b e , d i e ( 0 a e p a r i 9 n s c c o n a l ) i e i i s n k . e o a a s i s d s l l - f s 15 p o a p c p c m ( 2 n p u o f o o o u ) e d r s s s U u . e i r i i n t t t d n n s s s i c p c t , , i d e t o i i e e S e n e p s x a d p t s t t a n c a a o l S l o t d l s u e i f t i a t s a t i d d i n s d s t e v e e e e d e o s e - - s - - f d o u r t o t r d t s h o e e e n f f e o a p e s t q l p r a e n e o r s u v l o s t r s u s i h r s v e i y c H r t e i s e e s a - h - - , , Go a m i ( U z 2 l e n d o n ) d . n i y t e b e b y d u y f l o l r l a i a o u S m w n t t h a s o t o e o o r r s - f f R d e e m r. ain- n l c s l d S i f a b o o t o u o a e a t c c c l h r a t r s n l a a i p i p o i t a o k t t g t e l o w s y e e i n u s n r n d d a i . a s a a o n g l c t t f i g i e B i n a o o n 3 d p a n u b 0 f a t i m a 0 s t a s h t a , s s a n e $ 0 n n o o l a k 1 0 w o y u c S a , 0 i d 0 i n i n b n t a 0 t e c o a t g a d h t 0 p s i t i r n , t o e : o 0 s y k o , n 0 $ u c s a v 2 i o 0 a r o s i t e 5 p p r s n a r r 0 s l o i r ; o n u b , h t y 0 c a $ r U s a a a 0 i l 2 u a t n l o 0 n i 0 l t n m k o f i 0 i a i l o i t n , f e t n o 0 n e b n h a s 0 i d d r g e s e l n s e 0 ed (2). if in a city of 100,000 to 300,000; 12 per cent of de- $150,000 if in a city of 50,000 to posits exclusive 100,000; $100,000 elsewhere in the All commercial banks of United States State (2). and trust companies and postal dedoing commercial posits, State debusiness and located posits, and seelsewhere in hthe cured deposits of State (2), (9).j counties and municipalities (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 571 RELATING TO BANK RESERVES a similar statement which was published in the FEDERAL RESERVE BULLETIN for November, 1928. The figures in parentheses refer to the authorities on the amount of deposits; those expressed in fractions, on the total reserve] Remainder Amount May consist of— Car r r e i s e e d r v i e n b F a e n d k eral Provision r s e g fo u r l a e t n io fo n r s cement of Remarks Authorities Banks and trust co.n- Michie's Alabapanics may become ma Code of members and au- If a bank violates any of the pro- 1 928, and thorized to keep re- visions of the State law, it may Banking Laws serve required by be i.aken charge of and liqui- of 1928. Federal reserve act dated by the Stace banking (1) Sec. 6337. and amendments in authorities (2). (2) Sec. 6299. lieu of State law re- (3) Sec. 6416. quirements (3), (4). (4) Sec. 6418. Banks and trust com- General Banking r r m p c i F n e o e a e e m n s q d l m i e i e u p e e b r r s u l i a v y e r l m r e o w e s f r a m e i y t a S s h n e e r t b r a d e r n v e e t q e t c e s u s m e o i l r m r a a a o v e c w y f e e - t An s i r a d ( t e 2 u n y o s ) c p d . r e b e m e i p r a p s i a r n e t n o y r k t c v e e o e d n f e f a e d w d i l e e i d i n n n d t e h o g t e t a i m i n o g t c o f a e e 3 i d 0 b n m a s d f i a n r t n a o k k y s a m e s o s s l g s s v a o o u f e t o t c h n e t d h o e t r Ba e b a q fo n a n a u r c k d n i h r s k e c s s d d m o a r e m t v a e o p i s i m n a n m p g r t e e t a a s r c m i c i t n n i i d e a v i t e n n l a e p t g i l n y a a a r c n r s t ( e o d m 4 s m p ) e e . r r m s n o v a t v e e v s i r s i d c n r f i e o g e a d - r s l ( ( 2 1 S a L ) 1 C ) 9 m e a 2 h S S s 2 w e a s e e , i n p c s c o d . , . c . n 1 e h 1 9 d L a 2 6 9 3 2 p a . 2 , 1 w . a 3 s n b 1 o a o d y . f s f ments (5). Session Laws of 1927. (3) Sec. 32. (4) Sec. 33. (5) Sees. 72, 73, 74. No new loans shall be made while reserves are impaired (3). If 2 consecutive statements Banking Laws of of reserve agent show defi- 1929, and Cranciency in its reserve, commis- ford & Moses sioner shall notify bank to re- Digest of the store it, and if third consecu- Statutes of Ar- Any bank, trust com- tive statement does not show kansas, 1926. pany, or savings that it has been restored the (1) Sec. 22 and bank becoming a commissioner shall immedi- Any State or National bank sec. 689, remember of the Fed- ately revoke the right to act doing business in the State spectively. eral reserve system as reserve agent. National may, after approval by bank (2) Sec. 101 and may carry such re- banks may substitute copies commissioner, become reserve sec. 690, reserves as are re- of statement required by the agent. Reserve agent must spectively. quired by the Fed- national banking act (3). furnish commissioner five (3) Sec. 104 and eral reserve act in While the reserve of any bank statements each year (2), (3). sec. 691, relieu of State law re- not a reserve agent is below spectively. quirements (5). the required amount, it must (4) Sec. 23 and make no new loans or dis- sec. 692, recounts (except sight drafts), spectively. pay no dividends, and, after (5) Sec. 103 and 30 days' notice, receiver may sec. 738, rebe appointed (4). spectively. If any bank fails to maintain total reserves required, the superintendent of banks may impose a penalty on it for any encroachment amounting to 1 per cent or more of its deposits All State banks al- as follows: 6 per cent per anlowed to become num upon any encroachment All banks must maintain sepamembers of Federal not exceeding 2 per cent; 8 per rate reserves for each departreserve system and cent per annum upon any en- ment, of the kind required for conform to all re- croachment in excess of 2 per that department (3). quirements thereof cent and not exceeding 3 per Trust funds held by a bank or (5). And banks be- cent; 10 per cent upon any en- trust company can not be coming members ex- croachment in excess of 3 per counted as part of reserve (4). pressly permitted to cent and not exceeding 4 per All or any part of the reserves comply with the re- cent; and at the rate of 12 per required by State law may be serve requirements cent per annum upon any ad- deposited subject to call with of the Federal re- ditional encroachment in ex- the Federal reserve bank of serve act in lieu of cess of 4 per cent of deposits (2). the district in which the bank the State law re- While reserves are below the re- is located (2), (8). quirements (2). quired amount, no naw loans or discounts (except of sight drafts) nor any dividends shall be made; and, after 30 days' notice from the bank superintendent, it may be deemed insolvent (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
572 FEDEKAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Total amount of Vault reserve Balances in reserve depositaries State trict Institutions affected reserve required £. No. Amount May consist of— Amount May be carried in- California— 12 Contd. 5 g pe r r e g ce a n t t e o d f e a - g- !^ percent posits, exclusive of deof United States, posits; postal savings but re- Gold bullion or S s a o a v f v i n b in g a g s n s k s d b e ( a 8 p n ) a k . r s t m a e n nt d s b c m ot a o h u n e u n k r i n s c , i t p y a l p S , a u t a a b n n t l d e i d c , s i o c n e n a r h v s a a e n e n s y d a r i o z e n f e n y U d c y f n b o i y r t m e t d a h u o e S t f l t h a a c o w t u e r r - s s - \y s t > o u b p c j e a e r ll c c . e t ntRe c ( s 8 o e ) m . rv m e er d c e i p al o s b it a a n ri k e s s s (s a e m e e a a b s o v f e o ) r money deposits need not (8). secured as re- exceed quired by law $400,000 (8). (8). 10 per cent of deposit liabilities up to and including $1,000,000; 5 per cent of deposit liabilities in excess of $1,- Mutual savings 000,000 and to banks existing at and including time of enactment $3,000,000; 3 per of statute (1). cent of deposit liabilities in excess of $3,000,000 and to and including $25,000,- 000; 1 per cent of deposit liabilities in excess of $25,000,000 (1). Mu tual savings banks created after At least $1,000,000 enactment of the (6). statute (6). Colorado. ._ 10 National banks located in cities designated by Federal law as re- Reserve banks (1). 25 p p o e s r it s c e (1 n ) t . of de- s c e o r m ve p a c n i i t e i s e s, d e o s r i g b n a a n te k d s o b r y tr t u h s e t Cash, or Liberty State bank commissioner as re- 20 o q r p e f u e s r i e r r c r e v e e d n - e t b o t e S x h o b t c a e n l e t i d e e g s s d a , t U o io n 3 r n n o 0 i s o t t t e h p o d t e e o f r r Th n h q t a e o u o t l t i d p r b e a r i e d r n t - e s r a c t e r e o s u s r m v e s h r t e m e v c e i b m s o s a m i b a n o y a p k n n a s e d n k . r e i s e m e T s m s u h i u s n e c n t h e o d S c t e e h t s b a s e i t a s g r e a n n r k S a y b s t t a a e ( n t 1 o a e k ) s s r ; (1). cent of the cash cash (1). but no bank shall carry on dereserve (1). posit with any other bank for All other banks (1). 15 d e p p e o r s c it e s n ( t 1 ) o . f all m m o o r r e e t t h h a a n n 2 6 0 0 p d e a r y c s e i n n t o a f n i y ts y o e w ar n deposits (2). Connecticut! 1,2 Gold and silver Federal reserve banks; or another coin, demand bank being member of Clearing obligations of House Association of New York, 12 per cent of de- United States, Boston, Philadelphia, Chicago, St c a o te m b p a a n n k ie s s a ( n 1 d ). trust m 5 ti m an p e d e r d d c e e e p p n o o t s s i i t t o s s , f o c F r u e d n rr e a e r ti a n o l n c a r y e l , s b e a r o v n r e k T m he a in r d e e - r, b o A a r l n b tr k a u i n n s y t g , c a o o s r m s B o p c u a i f a n f t a y i l o o l n o ; , c o a S r t t e a a d t n e i a n b t i a N o n n e k w a , l (1). notes and Fed- Haven, Hartford, Bridgeport, eral reserve Stamford, or Waterbury, and bank notes (1). approved by bank commissioner (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
573 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of | Amount j May consist of— reserve bank regulations Remarks Authorities ! i I 2H c (8 e n ) p . t er Re b c o r b S S e s a t o t t u e n h t a a n e r l c e t t v d s l e e y r e i s s s o o s a r o o f n u o g r n f , t r o o g t h m o h l o t o n d e e l r U d s i , o z U n c c o f e h o e n i r d a r i t i a n c t n t e i b u n e f d d o y i d r y , - r - M r r i r c F e n e e e o m e s q m q d e l u b i e r u p e i e v r r u l i r a e e y r s l m e o s w y r f m e o e i s n f t s S t e h t e e s t n r m a F r v e t ( t e e s e 8 s d m e ) e . l r a a r o a v c a w y f e t l S N u o i i b ( b n n 8 a n j g ) n e e . s c k d w e t e s c . f t l i i o t c o o a i n e n n s p c 2 e m y 0 n a a i f n y l o t i r t b e o e s t c a m o l p m a r r d e o m e s v e e i d r r d v c u e i e r d a s - l "N p o i p s t p e i c n n h e x o o a f o o g e r c n r s s o v s s c e t i i s s t a m e t t e a i h s u i v d s d p n d e e m i e i g s e n r n o t 3 r h p a e g t n 0 s b b a l o d s o s a l a p s h l d a n b n i e d a a e n t k a n r k e s s l p d n s l o , p ; c o k r t o p o e p e s s a s a n i t c r o u b n t i h r o t e t r r e d t e e i v p o o s v r d t i l a f o f e d r u t s v f e s t h e s u s d i h h a d u n a c e t e a t o n c h , g h p e l h f e s l d o p t s h s a n d d a t d r i i h o a o e v e e t d e s t e r - t - - - - - B ( ( ( ( ( 1 3 4 5 2 a f p e ) ) ) ) ) 1 n o d 9 r S k o S S S S 0 , r 9 v e e e e e n 1 a c c c c c , e 9 c . . . . . d a i 2 t 2 s 2 a 3 5 1 9 5 o M 0 2 , 6 9 . a . f . . . . m a C a r e . a p n l 1 - d i , - laws of United depositing bank nor more (6) Sec. 60. States (8). than 15 per cent of the capital (7) Sec. 64. and surplus of the depositary (8) Sec. 68. bank" (8). (9) Sec. 106* Deposit liabilities of mutual savings banks existing at time of enactment of statute (1923) "shall be exclusive of United States, and postal savings deposits, and deposits of the State of California, the counties, cities and counties, cities and towns" thereof, "and of any other governmental or political subdivision of the The deposits shall not be in- State of California which are creased while th© reserve re- secured as required by law" quirements are not complied (1). with (1). The directors of any mutual savings bank: must, before each dividend, carry at least Mo of the net profits for the preceding 6 months to reserve fund; but such bank may provide by its by-laws for the disposal of any reserves above the required amounts (7). Losses may be paid from the reserve fund; but the fund must not be reduced below the required amount (7). (1) Act approved Mar. 26, 1929, Laws of 1929, p. 197. (2) Banking While reserve is impaired the Laws, 1928, sec. Banks and trust com- bank may make no new loans 46, and Companies becoming or discounts (except of sight piled Laws of members of the drafts against actually exist- Colo., 1921, sec. Federal reserve ing values) nor pay any divi- 2694. r o s e y f q s S u te t i m a re t e m a l e r a e n w t r s e r ( l e i 4 s e ) e v . r e v d e f d n u o e l n t l i y d c s e r , es a f t r n o o d r m e d r e w b se a i r n t v h k e i n m c 3 o 0 u m s d t m ay b is s e - ' (3) 2 5 6 4 I 8 , d 0 . , , a n 2 s d 7 e 0 e 0 s. s , e 3 e r 0 e s , . sioner (3). spectively. (4) Laws of 1923, p. 191, and banking laws, 1928, sec. 149. Statute expressly permits reserve to con- (1) General Statsist of balances in utes, 1918, as Bonds which are legal Federal reserve amended by investments for sav- bank (1). No new loans, discounts, or divi- ch. 45, Pub. ings banks of the The provisions of the dends may be made while re- "Demand deposits" include all Acts of 1929, State. Bonds so State law relating serve is below 12 per cent re- deposits payable within 30 and Banking 1/6 e h x e c ld e e s d h a a l t l a p t a n r o v t a i l m u e e t b o a l r a e n s c e e rv s es o a f n d b a ca n s k h s m qu e i n re t m n e o n t t; m e a t n d a fte i r f 3 r 0 e q d u a i y re s - ' c d l a u y d s e , an a d ll "t d im ep e o s d i e ts p os p i a ts y " a b in le - s L e a c w . 3 s 9 1 o 9 f , p 1 . 9 2 1 7 7 , . one-sixth of total re- and trust companies notice, receiver may be ap- after 30 days (1). (2) Public Acts, serve fund (1). shall not apply to pointed (1). 1925, ch. 135, any bank or trust and Banking company which is a Laws of 1929, stockholder in any p. 18. Federal reserve bank (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
574 FEDERAL RESERVE BULLETIN SEPTEMBER, J93O PROVISIONS OF STATE LAWS RELAT Dis- Total amount of Vault reserve Balances in reserve depositaries State t N ri o ct . Institutions affected reserve required Amount May consist of— Amount May be carried in— Delaware. __ 3 Ev c e o r m y p b a a n n y k e a x n ce d p t t r s u a s v t - 10 m a n p a d e n r d 5 c e p d n e e t r p o o c f s e i d n t e s t - H r s e e o q r u f v ir e r e e s d - La g U w o n f l u d it l e d m o r o S n t e s a i y l t v e o e s, r f % r s e e q o r u f v i r e e r s e d - An l D e y a e s l b a t w a $ n a 5 k r 0 e ,0 o 0 h r 0 a v t a r i n u n d s g t s c c u a o r p p m i l t u a p l s a n o o y f f i a a n t t ings banks (1). of its savings against certificates, or against least $50,000, or any bank or deposits (1). demand notes and bills demand trust company, or individual deposits issued by nation- deposits banker or firm of bankers doing (1). (Al- al banking asso- (1). (Al- business in Philadelphia, New so see ciations or Fed- so see York City, or Baltimore, all of ' ' Re- eral reserve ' ' Re- which must be approved by Savings banks (1). 5 p p o e s r i ts c e ( n 1 t ) . of de- marks.") bank notes (1). marks.") bank commissioner (1). District of Columbia. 5 Florida 6 Al n l i e b s a ( n 1 k ). ing compa- 20 g ( 1 r p e ) e . g r a t c e e n d t e p o o f s i a t g s - 2/5 La U ( w 1 n ) f . u it l e d m on S e t y at e o s f 3/5 Ba k w n e i k e th p s w i o t r s h i b c c u a h n r r s k e u e n c r t s h a i c c n o c m o o u p t n h a t e n r y ( 2 c ) m i . ti a e y s Georgia 6 5 per cent of sav- Banks whose deposits ings and time are subject to check deposits and 15 Lawful money of (1). per cent of de- United States, m (1 a ). nd deposits N s o n p \ a e m cif o ie u d nt g e ce o r r l a t d i l f ic a a n r t e d e s s, e s i r F lv v e e e d r - N s o p a ec m if o ie u d nt Ba s n u k p s e r a in n t d e n b d a e n n k t e o rs f b a a p n p k ro s v ( e 1 d ). by notes, national Sa t v r i u n s g t s c b o a m nk p s a n a i n es d 5 per cent of bank notes (1). with deposits not amount of desubject to check (1). posits (1). Idaho 12 Every bank (includ- On deposit subject to check with ing trust companies) 15 per cent of ag- Cash in its vaults any other bank approved by the n F o e t d e a r m al e r m es b e e r r v e o f s y th s e - g (1 re ). gate deposits (1). c to o r m y m (1 is ) s . ioner as reserve depositem (1). Savings banks and trust companies not c en ia g l a ge b d a n i k n i n co g m m an er d - 5 i p n e g r s c d e e n p t o s o it f s s ( a 4 v ) - . All. Actual cash (4). maintaining a savings department (4). Illinois 7,8 i i Banks and trust com- I 15 per cent of ag- Approved reserve agents. panies. \ gregate deposits. i i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 575 ING TO BANK RESERVES—Continued Remainder Amount May consist of— Car r r e i s e e d r v i e n b F a e n d k eral Provision r s e g fo u r l a e t n io fo n r s cement of Remarks Authorities Bonds or other obliga- The whole of the reserve re- (1) Laws of 1921, tions of the United While the reserve of any institu- i q t u s i m re a d y a b g e a k in e s p t t s o a n v d in e g p s o s d it e p su os b - - p an p d . 2 2 9 9 4 6 , , 2 a 9 n 5 d , l S u t t a e t l e y s o b w y ne b d a n a k b s o o r - Member bank not re- t it i on m i u s s b t e l n o o w t re m q a u k ir e e d a n a y m o n u e n w t, j s e p c e t c if to ie d c al a l s w r it e h s er d v e e p os d i e t p ar o i s e i s - o B f a n 19 k 2 i 9 n , g p L p a . w 2 s 1trust company, un- quired to carry loans or discounts (except on taries of banks and trust com- 24. 1/2 u h n y p p l o e t d h g e e c d at , ed t o a e n x d - g th re a a t ter r e r q es u e i r r v ed e th b a y n s d i e g n h d t s d ; ra a f n ts d ) o if r m re a se k r e v a e n y i s d i n v o i- t p m a a n y ie s c o o n r s a is p t a o rt f o la f w su fu ch l r m es o e n r e v y e (2 p ) . L 2 a 5 w 5 s , o s f e c 1 . 9 - 1 9 9 , , tent of 90 per cent Federal reserve act restored after 30 days' notice of the United States, gold cer- as amended by of face value, with (2). from bank commissioner, the tificates, silver certificates, or Laws of 1929, express approval of institution will be deemed in- notes and bills issued by a ch. 89, and b 0 a ) n . k commissioner solvent (1). national bank, or Federal Banking Laws reserve bank notes (1). of 1929, p. 10. There is no statutory requirement for reserves in the District of Columbia. Comp. Gen. Laws of Florida, 1927, and While the reserve is below the Banking Laws, Balances; or bonds of required amount the company 1930. the United States, must make no new loans or (1) Sec. 6071 and Florida, or counties discounts (except of sight sec. 4140, re- 3/5 or cities of Florida drafts) nor make any divi- spectively. approved by the dends; and, after 30 days' (2) Sec. 6072 and comptroller (2). notice, a receiver may be ap- sec. 4141, repointed (1). spectively. (3) Sec. 6140 and sec. 4197, respectively. While reserve is below required Banking Laws Reserves against sav- An m y e m ba b n e k r w of h i F ch ed i e s r a a l a co m m o p u a n n t, y s n h o a ll b i a n n c k re as o e r its tr l u ia st - o X f IX 19 , 2 5, an A d rt. All (1). i p v U G n o e g e n s s o s i t i t e r t e s g d a d i a n m i d n ( S a 1 t y ) a t b . i t o m e b n s e e d s a d n in o e d - - f r k i e l b i s e r e y e s a e u r e l e p S r o q v t r s a f u e e u t i s t e c r s h e e h y r a l d a v s t r w t e e e b r s m e y e ( a q r 1 c u v ) F m t i . e e r a e d a i y n d s - b n r m d te e i o i l s n e s r i e c n d t r i o t e e v p s u n s e a n w t y n t n s i o o t o r h a ( f t e i n m n x r y b a c a a 3 i e k s n 0 p d e e k t i d d v n s s a i e i y d t g w o m s e h n a t s l r d o y e u d a s q p r . n u e a t s i r a f r i t k o e n s If e ) - r - ( ( 1 2 s M r ) ) C e e o c s i S S p c d . e e h e e 2 c c c , i 3 . . e t 1 6 i ' 9 s v 6 2 2 2 e 7 8 6 ( A l 1 y . a 7 a n . n n 3 n ) d d . , charge of its business and sec. 2366 (174), assets (2). respectively. All State banks and Banking LawTs trust companies ex- of 1925 and Sespressly permitted to While reserve of any bank or sion Laws 1925, become members of trust company engaged in ch. 133. Federal reserve sys- commercial banking is below (1) Sec. 26. 1/3 r s s e u r e c v h o e - f . M b c S a a o t y a t n e t c d d e o s s n ( s n 1 G i ) o s . o t t v o h e f y r U p n o m n t i h e te n e d - t w t b q e e u i m r t i s h r , e a m t m n h e d e a n y s r t u s e s c e h c o r o v m f m e e p t r m h e ly - e - r a d o e f r r t q a e f u d r t i s i r s ) e c 3 d o 0 s u a h n m d a t a l s o l y u s ( n b ' e t e x n c n e o o m p t i n t a c e d e o w e , f ; l b o s a a i a n g n n d h k s , t| ( ( ( 2 3 4 ) ) ) L a S S w e e c c B s . . a 4 2 o 7 7 f n . . k 1 i 9 n 25 g , Federal reserve act commissioner may proceed as i p. 52, and Sesin lieu of the State in act provided (2). sion Laws of law requirements 1925, chap. 230, (1) (3). sec. 5. No reserve required by statute, but auditor requires reserves indicated, as matter of practice. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
576 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Total amount of Vault reserve Balances in reserve depositaries State t N ri o c . t Institutions affected reserve required Amount May consist of— Amount May be carried in— Indiana 7-8 12^ per cent of ag- All banks and trust g d r e e p g o a s t i e t s d e a m nd a nd 3 All (1). With other banks or trust comcompanies (1). per cent of time panies (1). deposits (1). Iowa 7 State and savings 7 per cent of aggrebanks and trust gate demand decompanies doing posits and 3 per commercial business cent of time deand not located in posits (1). "Actual net balreserve cities (1). ance" (1). St c c b a s a e o o n a te r m d n m v k e m p s l c o a a e i r c n n t c a i d i a e i t e a n e s s l d d ( b 1 s u ) a d i . s n v o t i r i n i n u n r e g s e s g s t - s 10 g p d d r e e e p e r p p e g o o r c a s s e t c i i e n t t e s s t n d ( t o e 1 a f m n ) o . t d f a i m n ag d 3 e - % s f o u e n o r f d v ( r e l e ). - 17/20 On o (1 th ) d . e e r p o S s t i a t te s u o b r j e N ct at t i o o n c a a l ll ba w n i k th s Savings banks doing 8 per cent of deexclusively savings posits at all Cash fund (1). bank business (1). times (1). Kansas 10 Every bank doing 15 m p a e n r d c en d t e p o o f s d it e s - H of re- Ca o s r h i i n n it b s a v la a n u c l e ts s Co st r o re c s k p h o o n ld d e e r n s t o b f a w nk h s ic n h o a n r e e o st f o t c h k e business under the and 5 per cent of quired with corre- holders in the depositing bank, act (1). timedeposits(l). reserve. spondent banks except when approved by State (1). bank commissioner (1). 25 per cent of deposits subject to Tr c u e s iv t in c g o m de p p a o n s i i e t s s ( r 4 e ) - . c p h e e r c c k e nt a o n f d tim 1 e 0 (S d ee e r.") "Remain- (See'' Remainder.") deposits (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 577 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Amount May consist of— reserve bank regulations Remarks Authorities Banking is under supervision of bank commissioner. Savings banks are also permitted to "keep in reserve not exceeding 20 per cent of the total amount of deposits without investment, or deposit the same on call with or without interest in any bank organized under the laws of this State, or in any bank in any adjoining State organized under the laws of such State, or in any narional bank in the (1) Act approved Ba n n ie k s s , , tr o u r s t s c a o v m in p g a- s n U o n i s t u e c d h S d t e a p t o e s s, i t p s r h o a v ll i d b e e d m t a h d a e t c M h a . r 1 c 9 h 4 . 14,1929, banks which are outside the State of Indiana, (2) Burns Annomembers of the Fed- excepting in national banks tated Stats. eral reserve system as aforesaid, without the ap- 1926, and Bankmay comply with proval of the auditor of the ing Laws of reserve require- State of Indiana" (2). 1927, sec. 3892, m res e e n r t v s e a o c f t in F l e ie d u e r o a f l Ne b t e b a c l o a n n s c i e d s e i r n e d o th in er b c a o n m k p s u s t h i a n l g l s a p n e d c ti p v . el 5 y 7 . , re- State law require- reserves, and in estimating the (3) Act of 1927, ments (3). required reserves, the net dif- chap. 152, and ference of amounts due to and Banking Laws from other banks shall be of 1927, p. 80. taken as a basis for ascertaining the deposits against which such reserves must be maintained. Reserve balances, subject to penalties prescribed by the department of banking, may be checked against to meet existing liabilities but no newloans maybe made or dividends paid until total required reserve is fully restored (1). All State banks, savings banks, and ; "Reserve cities" are such cities trust companies are j as are defined by the Federal empowered to be- • reserve act as "reserve cities"; come members of ' and institutions located in out- Federal reserve i lying districts of a reserve city, Banking Laws of banks and need or in territory added to such 1929. carry only such r3- j city by the extension of its (1) Sec.9270-Cl. serve funds as may corporate charter may, upon (2) Sees. 9269 and be required from ! approval of the superintend nt 9270. time to time to be ! of State and the State banking maintained by na- board, maintain reserves for tional bank mem- institutions not located in rebers of Federal re- serve cities (1) serve system (2). May be invested in bonds or other evidences of indebtedness of the United States or in Kansas municipal bonds or warrants or secured Rev. Stats, of bonds of private cor- Kansas, 1923, porations subject to and Banking certain stipulated Xo bank shall make new loans or Laws of 1929. conditions (1). pay dividends unless at the (1) Sec. 9-112, as time the required reserve is amended, 1927, maintained (1). The bank commissioner may and sec. 12, p. Reserves are to be Any bank may be- Any bank the reserves of which suspend any of the reserve re- 7, respectively. kept in same man- come a member of a are below the required amount quirements for a period not to (2) Sec. 9-115 and ner and subject to Federal reserve which shall violate any regu- exceed 30 days and may renew sec. 12c, p. 8, same rules as State bank (1). lation of the bank commis- such suspension for periods respectively. banks, except sioner as to such reserve, and not to exceed 15 days (2). (3) Sec. 9-116 and United States bonds shall fall to restore its reserves sec. 12d, p. 8, and demand loans after 30 days' notice, may be respectively. secured by United deemed insolvent (3). (4) Sec. 17-2003 States, State, coun- and sec. 3, p. 39, ty, or municipal respectively. bonds to cash value of such loan shall be accepted as part of legal reserves of trust companies in lieu of deposits in banks (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
578 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT State t D ri i c s t - Total amount of Vault reserve Balances in reserve depositaries No. Institutions affected j reserve required Amount May consist of— Amount May be carried in— Kentucky.. 4,8 Banks and trust com- 13 per cent of depanies in central re- mand deposits serve cities under and 3 per cent of Federal reserve act time deposits (1). (1). Banks and trust com- 10 per cent of depanies located in re- mand deposits serve cities (1). and 3 per cent of 1/3 "Money" (1). 2/3 '' Other banks subject to call" (1). time deposits (1). All other banks and 7 per cent of detrust companies in- mand deposits corporated under and 3 per cent of laws of Kentucky time deposits (1). (1). Louisiana. _ 6,11 Al t l i on b s a n ca k r i r n y g i ng a s o s n oc t i h a e - 4 Der cent 16 per cent o b f u s d i i n s e c s o s u n o t f , d a e p b o a s n it k , 20 m p a e n r d c en d t e p o o f s d it e s - m of a d nd e- Cash (1). o m f a d nd e- Ca ( s S h e e b a a l l s a o n c " e R s e i m n o ai th n e d r e r b . a ") nks (1). and exchange and (1). deposits deposits circulation (1). (1). (1). 4 per cent 16 per cent Co i p n r o p g s o i s t r , a a v o ti i r o n n t g r s s u , s c s t o a n f b e d a u n d c k e t - - - 20 m p a e n r d c en d t e p o o f s d it e s - o m f a d nd e- Cash (3). m of a d nd e- Ca ( s S h e e b a a l l s a o n c " e R s e i m n a o i t n h d er e r b . a " n ) ks (3). ing business (3). (3). deposits deposits (3). (3). Maine 1 Any national bank or any trust Tr c a d u o u e s m p t t h o p o s a r i a t n i n s t i y d e ( 1 s t . ^ ) o ! . b r a h e n a c k v e i i i n n v g g e 15 m a s d 1 u n p r 0 a a b d e n d w j r e d a a c y c d l t e s e n d t ( o t p 1 e w p ) o o w . i o s t f i s h i t d i h i t t n e s s - - La n n S w o a ta f t t u e t i e s l o s n o m ( a 1 f o l ) - U n . b e n y a i n te o k d r 2/3 c c b M N a o a e t a m n e w i k d n p e a c i Y n n o o y m o r N r m a c k e n r w i e s y a a s E t i t n e o r n d d u n g s e u l t r a a n p c ( n 1 d p o d ) e r m . o r S p v ( t l B a e a a n d t w u e y t s s l b s o o o e y r f - e Federal reserve act.) H of 1 per cent of deposits un- Savings banks (2). til reserve fund 5 per cent amounts to 5 (2). per cent (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
{SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 579 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Amount I May consist of—• reserve bank regulations Remarks Authorities | Banks and trust companies may become 'Demand deposits" include all e a i m w q F n r n u e i a e d i t d l l m h r i e e e r b r m u t e m a e h s l e r e o e a s n r r f y r v o t e e s e S s f s e t t e c s h r a o r o v y e t v f e m e s e F t l p e a t a e r h m l c d w e y e t - - W s a c d a h h o m p a i a l u p y e o l n o s l u ' r t i s n e n b n s t t e o ( , e e e t d r n x i m v c ( c o e e 3 a e , d n i p ) s . r e t e e ; b w o c e a e f l l i n o s o v i w d a e g n , r h r s t a m e f o q d t a e u r r r y a i d r f 3 e t b i s d 0 s ) e - c a p d a d le f l c o a e s u t c y p s e s d o i r s o t t e , u s h w 3 n i a a t t 0 s n n h a s d i l d 3 a c l p a " 0 h n a y t d d d i y a s m e a c r a e p e a y b e o r n s l s t e s ' d u i d f i n e b t i o s c a p j w e t a l o i c l i t c s p e t t s e h i s a a t t i b y s o o v n e " a i f f n n b o i 3 d g n l o r e 0 e s e - t - Ca a S L ( ( ( 1 r 2 3 n t a r ) ) ) a d o w t l S s S S s l . ' e e , e , s c c B c 1 . . . 9 a 2 5 5 5 n 1 6 8 8 8 k 9 K 5 . 4 4 i 3 . . n ( y 0 a g . ) , . requirements (1), (2). payment (1). All State banks, sav- If the amount of lawful money j ings banks, and on the premises, cash deposits : trust companies are in other banks, or short paper ] expressly permitted j falls below the required j | 16 per to become members | amount and remains so for 10 \ i cent of the Fedeial re- ' days, it is the duty of the of de- serve bank of their ' president of the bank to notify : m de a p n o d s- Same as below (1). s d e i r s v tr e i s c t o (4 f ) ; m ca e s m h b r e e r - | I s th h e o rta b g a e n , k a nd e x i a t m is i u n n er la w o f f u l t f h o e r ; ! Wolf's Const, its. banks deposited in , the bank to discount any new and Statutes of Federal reserve j papor until the proper reserve i Louisiana bank are construed j is reestablished. By failure j (1920) and as cash on hand (1), to comply with this rcgula- I * Banking Laws (3). tion a bank forfeits $10 for each ! Savings deposits not subject to of 1928. day it i? in default (2). withdrawal "except upon (1) P. 117 and notice" are not considered de- p. 10, respec- Lawful money of the mand deposits (1), (3). tively. United States, or (2) P. 118 and cash due from ether p. 11, respecbanks or bills of ex- tively. change or discounted (3) P. 112 and paper maturing p. 29, respec- 16 per within not more tively. cent than one year, or (4) Act 305 of of de- bonds, stocks, or 1914, sec. 1. and m de a p n o d S' s U e n cu it r e i d ti e S s tate o s f , or t h o e f (See above.) b of a n 1 k 92 i 8 n , g p. l 7 a 9 w . s its. any of the United States or of the municipalities or corporations, public or private, thereof, or of the levee boards of the State of Louisiani (3). Trust companies permitted to become Bo S n t d at s e s o f o t r h e S t U at n e i te o d f m re e se m rv b e e r s s y o s f te F m e , d a e n ra d l Wh t e h n e e v r e e r q t u h i e re r d e se p r e v r e c e fa n l t l a s g b e e , low it 1/3 Maine (1). (But see thereupon become must not be further dimin- Federal reserve act). subject to the reserve ished by new loans until the requirements of the required reserve is restored (1). (1) Public Laws Federal reserve act of 1923 and instead of State re- Banking Laws serve requirements of 1927, ch. 144, (1). sec. 80. Before declaring dividend H of 1 (2) Public Laws per cent of deposits must be of 1929, ch. 117, passed to the reserve fund sec. 34. If fund becomes impaired below until the reserve fund amounts 5 per cent of deposits, it must to 5 per cent of the deposits. be restored in manner pro- The reserve fund must be kept vided for its accumulation (2). constantly "on hand as a security against losses and contingencies" (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
580 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT State t D N ri i o c s . t - Institutions affected T re o s t e a r l v e a m re o q u u a i t r e o d f Amount Vaul M t r a e y se c rv o e n sist of— : Amou B n a t lances in r M es a e y rv b e e d c e a p r o ri s e it d a ri i e n s - * Maryland.. 5 5 per 10 per Such banks or trust companies All banks except sav- 15 per cent of de- cent of cent of of the State of Maryland or elseings banks without mand deposits demand Cash (1). demand where, of good standing, as the capital stock (1). 0). deposits deposits board of directors may direct (1). (1). (1). Such banks or trust companies of 15 per State of Maryland or elsewhere, 15 per cent of de- cent of of good standing, as board of All trust companies (1). mand deposits (See''Balances.") demand directors or executive committee (1). deposits may direct. Cash on hand shall (1). be considered as a part of reserve (1). Massachu- 1 15 per cent of desetts. All trust companies mand deposits incorporated as such and time depos- Lawful money of in Massachusetts its subject to United States, Any trust company in Boston au- (1). withdrawal gold or silver thorized to act as reserve agent, within 30 days certificates, or or any member bank of the Fed- (1). notes and bills eral reserve system located in 4/5 20 per cent of de- i national bank- in second, third, or fourth Fed- Trust companies do- mand deposits ing association eral reserve district, or in a cening business in Bos- and time depos- or Federal re- tral reserve city (2), (6). ton and less than 3 its subject to serve bank (6). miles from state- withdrawal house (1). within 30 days (1). i Lawful money of the United States, gold certificates, silver Any trust company in Boston aucertificates, or I thorized to act as reserve agent, Tr t u h s o t r iz c e o d m p t a o n ie a s c t au a - s 1/2 i n s o s t u e e s d an b d y b a i n ll y s 1/ ' 9 - o ti r o a n n y d o n i a n t g io n b a u l s b in a e n s k s i n i g n a M sso a c s i s a a - reserve agents (2). lawfully organ- ! chusetts, New York City, Philaized* national i delphia, Chicago, or Albany (2) banking association (2). i Michigan... 7.9 Commercial banks (1). 12 per cent of total On hand with national or State deposits (1). banks or trust companies in cities approved by the commissioner as reserve cities (1). | i 12 per cent of total National or State banks or trust j Savings banks (5). deposits (5). On hand (5). companies in State reserve cities (5). 20 per cent of ma- Trust companies (6). t a u n r d e d m o o b n li e g y a ti d o u n e s 1/4 On hand (6). 3/4 An p y ro v b e a d n k b y o t r h e tr u co st m m co i m ssi p o a n n e y r ( a 6 p ) - . and payable (6). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 581 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of i «._.. Amount May consist of— reserve bank regulations \ Kemarks Authorities Any banking institu- Banking Laws of tion which is a mem- Maryland in 5 i c o m d p t f e s e a p ( e d n n 1 o e t d ) r s - . - Ba l l p e o s c c a b a a l i d o o p r u a a o n n r p u n b n n d d p S r n k l c e b , , o i o e t t i r c o r a y w v n ; s o a s t n , e g s r h e t o t d d i e o o s i r o s c e B r c n m u h o k b a r c b o r u o l s i o o o t y f t h n n i f f i M m m M e a i d U c s l s m a o l i a a , t n p d r r h r b i n o y i e e a s y e e t y r - - - , l - - b r n k o i a q t F e n e e r e o t u e s m h e s r e t i d e t e r p i r e m e r t b o v ( r u d 3 o f e a e t a t ) h l m i . n s t o a r o r y h y b e n e n f s e q e s s t e r t u e r h s b r m F i e v o r a s w e o e e s n e d d s f e h k r s h e v i i y t r r a c n h e t e a s l o h g s e - l - l W a c b o d h o m e f a e u y n s o a n s i p u g ' r t p s n e h n s o t t m e o in n r t d a v i t o r c e y e a e d n f , i b t s e s ( e a w ) 2 b ; ) e m r . l l a e o o a c n w a d e d n i e , v s r e e a ( r o q e f t x r u e m c i r d r e a e i p 3 s y d t - 0 In p a m t s c B h e e m o o a a e s c u s l t d o u i t n p i t e i r u m s t u m e e n b r d a d o t o p y t f r b i o ( n e c o y s 1 a i g e f ) t C c y . t o t o r i r h f o u t e u y e d f s s n t e e B a t s r e t m t c a e v r o o l r e o c t m d m , i k u m e i n p p n d o a t a o i e r r n n s o e p e y g i f o t a s n s d t n f h i o o o e t d e t f s - r ( ( ( 3 2 1 f a A X a 2 ) C ) ) ( o 2 p n A o r I S S S , n p d c . d m e e e 1 e r n e c c o c 9 M e . . . 1 v o 1 n i 8 9 e 6 6 a n t . 2 d 6 d 6 2 ) r a 4 2 . m . y , M 1 t l A a e 9 e ( a n 2 n d c r 7 r d t t ) . . , . posited with State treasurer may be counted in this reserve (1). General Laws and Banking No new loans or investments Laws of 1929, may be made while reserve is ch. 172. Bonds, notes, bills, below required amount; and (1) Sec. 73. i a n n d d eb c t e e rt d if n ic e a s t s e s o o f f Member trust compa- i 3 f 0 r e d se a r y v s e ' is n o n t o ic t e r e f s r t o o m re d b a a f n te k r Th a e u th b o a r n iz k e c a o n m y m tr i u s s s t i on co er m p m an a y y ( (3 2 ) ) S S e e c c . . 7 7 5 6 . . United States or nies shall carry re- commissioner, he may take in Boston to act as reserve (4) Sec. 81. Not over Massachusetts com- serves required by possession of the business and agent (2). (5) General 2/5 k p e u t t e v d a lu a e t , w fa h ir i ch m a a r r e - i F n e d l e ie r u a l o r f e s t e h r o v s e e a r c e t - l a i c q t u in id g a a te s r i e ts s e a r f v fa e i r a s g , e o n r t i f f a i b ls a n t k o Pr t o io v n is io a n n d i s m m a a i d n e t e f n o a r n t c h e e o cr f e a a - B L a a n w k s in g L a aw nd s, absolute property quired by State law meet reserve requirements guaranty fund bv savings 1929, ch. 16*, and in possession of (4). after 10 days' notice from bank banks (5). and sees. 45 corporation (6). commissioner he may revoke and 46. authority to act as reserve (6) Act of Feb agent (3). ruary 7, 1930, Laws of 1930, ch. 27. Banking Laws, 1929, and Act No. 66, P. A., When the reserve of a commer- It is the duty of the bank com- 1929. cial bank is below the required missioner annually to desig- (1) Sec. 30, and amount, it shall not increase nate certain cities as reserve sec. 21, respecits liabilities by making new cities (3). tively. State banks are per- loans or discounts (except of When a bank combines com- (2) Sec. 31, and mitted to become sight drafts); and, after 30 mercial and savings business sec. 22, respecmembers of Federal days' notice, a receiver may be separate reserves must be kept tively. reserve bank, and appointed (2); and a bank in a for each (4). (3) Sec. 36, and statute provides reserve city failing to comply Trust companies are permitted sec. 27, respecthat reserve of bank with the reserve requirements to do general banking busi- tively. doing so shall be or otherwise violating the ness; but when so doing are (4) Sec. 40, and fixed by Federal re- State law may be denied the * ' subject to all the applicable sec. 31, respecserve act (1), (5). right to act as a legal deposi- provisions of the general bank- tively. tary of reserve funds (3). ing law * * * including the (5) Sec. 33, and Savings banks may be closed if provisions of the State bank- sec. 24, respecreserves not restored within 30 ing law with respect to the tively. days after notice (5). maintenance of reserves" (7). Banking Laws, 1929, and Act No. 67, P. A., 1929. («6) Sec. 133, and sec. 20, respectively. (7) Sec. 136, and sec. 23, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
582 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT State t D ri i c s- t Institutions affected T re o se ta rv l e a m re o q u u n ir t e o d f Vault reserve Balances in reserve depositaries No. Amount May consist of— Amount May be carried in— Minnesota.. 9 State banks and trust 15 m p a e n r d c en d t e p o o f s d it e s c c o it m ies p a ( n 2 i ) e . s in reserve a ti n m d e 5 d p e e p r o s c i e t n s t ( 2 o ) f . Ca s s p h e , c ie, i l n e c g l a u l d t i e n n g - Solvent banks; but no bank havder, national ing less than $25,000 capital and 1/4 bank notes, and 3/4 surplus shall act as reserve agent, 12 per cent of de- Federal reserve except with approval of super- State banks and trust mand deposits bank notes (2). intendent of banks (2). companies not in re- and 5 per cent of serve cities (2). time deposits (2). Mississippi- 6,8 15 per cent of de- Banks doing business mand deposits in cities or towns of and 7 per cent of less than 50,000 (1). time and savings deposits (1). Actual cash or balances (1). Good solvent banks (1). 25 per cent of de- Banks doing business mand deposits in cities of over and 10 per cent 50,000 (1). of time savings deposits (1). Missouri 8,10 7 per cent of de- 18 per cent of de- mand Banks and trust com- mand deposits deposits, panies in cities of and 3 per cent of and 3 200,000 or over (1), (2). time deposits per cent (1), (2). of time deposits. 6 per cent Reserves on hand Banks and trust com- 15 per cent of de- o m f an d d e- c in o in a n o y r c f u o r r r m en c o y f Ba ti n o k n s a , l t b r a u n s k t in c g o m a p ss a o n c i i e a s t , i o o n r s a n p a - - 2 p (2 5 a ) , n 0 . i 0 e 0 s to i n 2 00 c , i 0 t 0 ie 0 s (1 o ) f , m o a (1 n f a ) d t , n i m ( d 2 3 e ) . p d d e e e r p p o o c s e s i i n t t s t s d a p o e n e f p r d o t c i s e m i n t 3 s e t , a l S a u t w a th t e o s o r i f ( z 1 e ) d U , ( n 2 i ) t b . e y d p (3 ro ), v ( e 4 d ) . by bank commissioner deposits. 15 per cent of de- Brnks and trust com- mand deposits 3 per cent panies located else- and 3 per cent of of time where (1), (2). time deposits deposits. (1), (2). Montana. __9,12 Banks not reserve 10 per cent of debanks (1). posit liabilities (1). Such part as board of direc- Banks approved by superintendtors may ent of banks as reserve banks Reserve banks (1). 15 per cent of de- m de in te e^ r- ). (1). posit liabilities (1). Nebraska... 10 Banks in cities of more 20 per cent of dethan 25,000 (1). posits (1). Lawful money of the United States and exchange for any clearing house associa- Banks elsewhere (1). 15 per cent of de- tion (1), (2). That por- Depositaries approved by the posits (1). t k i e o p n t no in t banking department (1). bank(l). Savings banks and savings depart- 5 per cent of dements of commer- posits (1). cial banks (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 583 ING TO BANK RESERVES—Continued Remainder Amount May consist of— Car r r e i s e e d r v i e n b F a e n d k eral Provision r s e g fo u r l a e t n io fo n r s cement of Remarks Authorities Banking Laws of 1929, and Ma- St c p c t a F e o o t e e m e m m r d m e b e p ( r i a a 1 a t n n ) t l m . e k ie r d s e e s s m a e e n x r b t d v o p e e r r e t s r s s u b y s e o l s s y t - - f W c c n m h l e e i a a p w l r e d t e e d o l r o e f ( a a 2 s n s e n ) d i . r s g v h e n o t o r i d s r d d a i i i f s v m t c s i o d p ) u e a n n s ir h t d e s a s d l l ( d e n b e x o - e - Th c c ( e 2 i i t t ) i i t . e e e s s r m b d " y e r s e ig s F n e e a r d v t e e e r d a c l i a ty s a " u r t m h es o e e r a r i n v ty s e ( ( 1 2 s t 7 ) ) S i o 6 v t p p n a 4 e . p t ' 9 l s s 2 . y , . 2 , 2 . , 1 1 r a 9 e M a n 2 s n 7 d p i d . n e s e 5 c n c 0 - . . , and sec. 7680, respectively. Hemingway's Annotated Miss. Code, Banks and trust com- 19 2 7, and panies may become Brown's Miss, r r m m e es q e a e m y u r i v b r c e e e a d r r s s r b y y o y s f t e r F F e m e s e e d d r e a e v r n r e a a d s l l An sh y a i l m l b p e a i m rm ad en e t g o o f o d c a i s n h 3 r 0 es d e a rv y e s Re v o s e r e n b r t v a e l b a m n a c n u e k s s t s d " b ; u e e a i n n fr d o " m a n c o t g u o c a o e l d r c t a a so s in h l- (1 s a u ) e n t c e S d . s e , c 5 F 1 . 7 e 9 3 , d 2 8 r 5 . 5 e . 2 s S p t a a e n c t d - reserve act in lieu of (3). proportion of each is required tively. those required by (1). (2) Sec. 3874 and State law (2). sec. 88, respectively. (3) Sec. 3808 and sec. 21, respectively. State banks and trust c c p b e b r w p F b b F ( e 6 o o r e r e r e a e e i s a e i ) m c m r n t d v e . l r d s h o k e e r i b s p p m e l v r q r s l a e a a e M y a a e r u n g e n n s n l s a a i e k p e i i e d l r m e e r n r s s e r e m e s v s e d r d o e s e q e s m a b h m f r n u e n e t a e a j c t a i r i o d o r b h r t r v l s o c t e l e y e e e t c e e m m t d r o a d r r F s ( p n e t u a e r v 5 b h e r m o x l l t c s e ) y y y y o d e t t f - , - - U W p m e a t w n a o l p a h o a r o g c m o f a i e w a i c n a l n s s e l e c o e i s s i y k n n o m g p i r u o e e ( a s m t h n 7 h w a a t n l h n t t a ) y n p a e y a a . t d o s c r l d i n i y l r f o e n b o y a t s r n f l s a a f h e w o e t t i n n e s s s r o e i n i e s k t s x f t s u , r A h ( c t v a 8 t t t i o e h e e d h t t ) p t t r u , e i a p h o i p t s t t ( n e e t r i c r b 9 s r o n r o o d a ) u h i n e c r . b o u n i a s e y e s d a n k t l q c e f l n t a o d u s G c c m k i o i , u i o l o n i r i e f n a n m n m e g n o k t g d g s s - r - 1 - e Sa e a a l v e a m n i a c n t s o h y g t u s f H n u b t o d n a e d i n o q v k f u i b s d a y n e l m s e n s t u d t e h s t p e t t i r c c n o u r a g f e n i p a t t a i s i t t s l e a i l b d g ( e e u 1 f t a o h 0 a r r ) e t - e . R ( ( ( ( ( ( ( ( ( 7 2 4 6 9 1 3 8 5 e ) ) ) ) ) e o ) ) ) ) 1 1 v 1 d 9 f S S S S S S S S S 6 . 1 1 e e e e e e e e e 9 9 b 9 c c c e c c c c c 8 , v 2 s . . . . . . . . S . a 7 . 1 1 1 1 1 1 1 1 s t . t 1 1 1 1 1 1 1 1 a h a 7 7 8 8 7 7 7 8 t e m 9 s 4 1 3 1 4 4 1 1 , 9 3 7 5 0 2 4 1 1 e a 6 . . . . . . . . n c 9 o d t 7 s f - , (1), (2). (10) Sec. 11881. Any solvent bank having paidup capital and surplus of xVny bank becoming While reserve is below required $100,000 which does business Session Laws of member of Federal amount, no new loans or dis- in any State of United States 1927, ch. 89, reserve system and counts (except of sight drafts) may be designated by the and Banking complying with shall be made. Where reserve superintendent of banks as a Laws of 1927. regulations of same falls below required amount reserve agent for Montana (1) Sec. 53. shall be deemed to and so remains for stated pe- banks (1). (2) Sec. 2. have complied with riod, or continually falls below The term "bank" includes any (3) Sec. 28. State regulations (1), required amount, superintend- corporation formed to conduct (4) Sec. 121. (3). ent may close bank (1), (4). the business of receiving deposits or transacting a trust or investment business (2). For the purpose of providing a guaranty fund for the protection of depositors, every State Compiled Statbanking corporation is subject utes, 1922, and Any State bank or to assessments (4). New banks Banking Laws, trust company may must contribute to the fund 4 1929. become a member of May not make new loans or dis- per cent of their capital stock (1) Sec. 8003, as the Federal reserve counts (except sight drafts) (5). When the fund amounts amended, United States Govern- system and shall nor pay dividends, while re- to 1 \ per cent of the average de- Laws of 1925, 1/5 ment bonds at their have power to as- serves are below requirements, posits no new assessments will p. 128. market value (1). sume such liabili- and if reserves not made good be made until it is depleted (2) Sec. 8004. ties and exercise in stated time bank may be below 1 per cent, and if it falls (3) Sees. 8044 and such powers as placed in hauds of receiver (2). below 1 per cent a special as- 8045. granted by the Fed- sessment mav be made to re- (4) Sec. 8024. eral reserve act (3). store it (6), (7). (5) Sec. 8026. Available funds shall consist of (6) Sec. 8027. cash on hand and balances (7) Sec. 8028. due from other solvent banks (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
584 FEDERAL RESERVE BULLETIN SEETEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Vault reserve Balances in reserve depositaries Total amount of State t N ri o c . t Institutions affected reserve required Amount May consist of— Amount May be carried in- Nevada 12 Banks acting as re- 25 per cent of deserve depositaries posits (1). 1/3 Actual cash (1). 2/3 (1). Good solvent banks approved by bank examiner (1). But bank Al ( l 1 o ). ther State banks 15 t i p re e r d e c p e o n s t it o s f ( 1 en ). - 1/3 Actual cash (1). 2/3 e a x s a p m a i r n t er o f m i a ts y r r e e f s u e s r e v e t s o b co a n la s n id c e e r s due from any bank which shall Banks doing savings fail to furnish him with informabank or trust com- tion required to enable him to n p o an t y g en b e u r s a i l n e b s a s n k b in u g t 10 p o p s e i r t s c ( e 1 n ) t . of de- 1/2 Actual cash (1). 1/2 determine its solvency (1). business (1). New Hamp- 1 shire. Trust companies or similar corporations Lawful money of e i p b c n r o u u a c m s r l o p i n p r o p b e a s o s n a e s r n i e a o k s t f e i n o d d o g f o r f i o n a b r g t g r u t u e t s h h n s i e e - t - 15 g i d n r p e e e p g r a a c r t c t o e m e m n d e m t e n p o e t o r f c ( s 2 a i i a t ) g s l . - 1/3 e n g c U e o o r n r a l t t d e i l i t s f e i o d c o a r r t r n e e a S s s t , t s i e a o i F r l t n v e v e a e s d e l , r - - 2/3 Ot c h o e m r m b i a s n si k o s n e a r p ( p 2 r ) o . ved by bank ness (1). bank notes (2). New Jersey- 2,3 Al i l n g b s a n b k a s n k e s x c ( e 1 p ). t sav- 15 m p e e d r ia c t e e n t li o a f b i i m li- - 2/5 Cash on hand (1). 3/5 Go p o a d n ie s s o l ( v 1 e ) n . t banks or trust comties (1). 15 per cent of im- Al p c l e o t i r s v u i i t s n s t g ( c 2 o d ) m e . m pa a n n i d c s d r e e - - m m a e n d d i l a ia te b ili d ti e e - s 1/5 Cash on hand (2). 4/5 Go p o a d n ie so s l ( v 2 e ) n . t banks or trust com- (2). New Mexico10,11 Reserve shall be kept on deposit with any bank or banks in State having capital of not less than $50,000 and surplus of not less 12 per cent of than 50 percent of capital, or with Al ( l S e b e a " n R ks e m ( a 1 r ) k , s." (2 ) ). g (2 e ) n . eral deposits a o n f y S t o a t t h e e h r a b v a in n g k c o a r p b i a ta n l k o s f o n u o t t s l i e d s e s than $200,000 and surplus of not less than 50 per cent of capital, approved as reserve agents by State bank examiner (2). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 585 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Amount May consist of— reserve bank regulations Remarks Authorities Compliance with re- (1) Rev. Laws of serve requirements While reserve is below required 1912, vol. 1, of Federal reserve amount no new loans or dis- sec. 629 and act by members ac- counts (except of sight drafts) Banking Laws cepted in lieu of nor any dividends shall be of 1927, sec. 14. compliance with made; and, after 60 days' no- (2) Acts 1919, ch. State law require- tice, the bank may be deemed 126, p. 241 and ments (2). insolveat (1). Banking Laws of 1927, p. 34. (1) Pub. Laws, ch. 264, sec. 1, and Banking Laws, 1929, p. 31. (2) Pub. Laws, Every State bank, trust com- ch. 264, sec. 6, pany, or similar corporation and Banking doing a general banking busi- Laws,1929,p.32. Trust companies per- ness, must set aside annually (3) Pub. Laws, mitted to become at least 10 per cent of its net ch. 264, sec. 7, members of Federal earnings as a surplus fund un- and Banking reserve system, and til such fund amounts to 25 Laws, 1929, p. thereupon become No new loan or investment per- per cent of its capital stock, 32. subject to the re- mitted when reserve require- which fund shall be invested in (4) Pub. Laws, serve requirements ments not met (2). the same manner as deposits ch. 264, sec. 8, of the Federal re- in savings banks may be in- and Banking serve act instead of vested (4), (5). Laws, 1929, p. the State reserve re- Every savings bank must annu- 33. quirements (3). ally pass to its guaranty fund (5) Pub. Laws, 10 per cent of its net earnings ch. 265, sec. 34, until such fund amounts to 5 and Banking per cent of its deposits (4), (6). Laws, 1929, p. 41. (6) Pub. Laws, ch. 261, sec. 18, and Banking Laws, 1929, p. 12. Savings banks are required to in- (1) Laws, 1899, vest their deposits; but are ch. 173, sec. 20; All trust companies allowed to keep not over 10 per Banking Laws, and State banks per- cent as an "available fund" 1928, p. 31. mitted to become for the purpose of meeting cur- (2) Laws, 1899, members of Federal rent expenses and payments. ch. 174, sec. 20; reserve system and This fund may be kept on Banking Laws, assume liabilities Whenever the reserve is below hand or on deposist in any sol- 1928, p. 78. and become entitled the required amount the bank vent New Jersey bank or trust (3) Laws, 1914, to benefits under or trust company shall not company or national bank in ch. 159; Bank- Federal reserve act make any new loans or dis- New Jersey; or deposited on ing Laws, 1928, (3); and upon doing counts, except of sight drafts, call, at interest, in a solvent p. 123. so they become sub- nor make any dividends (1), New Jersey, New York, or (4) Laws, 1906, j q e u c i t r e t m o en re ts s e o rv f e Fe re d - - (2). c P o e m nn p s a y n l y v a o n r i a n a b ti a o n n k a l o b r a n t k r u i s n t c a h s . 1 a 9 m 5, e s n e d c. e d 36 eral reserve act in- New York or Pennsylvania^ by Laws of stead of State re- or loaned upon proper securi- 1928, ch. 197. serve requirements ties; or not more than one-half (5) Act Mar. 29, (3), (5). of the "available fund" may 1917; Laws of be invested in certain securi- 1917, ch. 225; ties (4). Banking Laws, 1928. p. 124. New Mexico The bank act provides: "The Statutes Annoword 'bank' as used in this act tated, 1929, and Any incorporated includes every person, firm, Bank Code, State bank may be- While reserve is impaired the company, copartnership or 1929. come a member of bank shall make no new loans corporation, except national (1) Sec. 13-102 the Federal reserve or discounts and must restore banks, engaged in the business and sec. 2, resystem and exercise reserves within 30 days from of banking in the State of New spectively. all powers of mem- time State bank examiner noti- Mexico. Banks are divided (2) Sec. 13-128 ber banks (4). fies bank of impairment. Im- into the following classes: (a) and sec. 28, re- Compliance with Fed- pairment of reserve is subject Commercial banks; (b) sav- spectively. eral reserve act re- . to penalty of 10 per cent com- ings banks; and (c) trust com- (3) Sec. 13-129 serve requirements puted on frasis of average daily panies" (1). and sec. 29, redeemed compliance impairment covering weekly Any State bank maintaining the spectively. with State law re- periods (2). required reserve and making (4) Sees. 13-701 quirements (2), (4). proper application to the State and 13-702, and bank examiner may be desig- sees. 96 and 97, nated a reserve bank (2), (3). respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
586 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Total amount of Vault reserve Balances in reserve depositaries State trict Institutions affected reserve required No. Amount May consist of— Amount May be carried in— New York._ Banks and private 12 o p f e a r g g ce re n - t bankers having an 18 per cent of ag- gate deoffice in boroughs of gregate demand m a n d 1,500,000 or over (1), deposits (1), (2). deposits (2). (D(2) Banks and private bankers with offices 10 per cent Any part of a in boroughs of be- ofaggre- bank's reserves tween 1,000,000 and 15 per cent of ag- gate de- on hand in ex- 1,500,000 and no gregate demand m a n d cess of 4 per cent office in a borough of deposits (1), (2). deposits of its aggregate 1,500,000 or over (1), 0), (2). demand depos- Depositaries designated by super- (2). its and any part intendent of banking, which of a trust com- may be a bank, trust company, pany's reserves or national banking association 4 per cent on hand in ex- in the State having combined Banks and private of aggre- cess of 3 per cent capital and surplus of at least bankers located else- 12 per cent of ag- gate de- of its aggregate (a) $1,000,000, if located in a w (2 h ) e . re in State (1), g d r e e p g o a s t i e t s d ( e 1 m ), a ( n 2 d ). m de p a o n si t d s i d t e s m m an a d y b d e e p d o e s - - $ b 7 o 5 r 0 o , u 00 g 0 h , i o f f l o 1 c ,5 a 0 t 0 e , d 0 0 in 0 a o b r o o r v o e u r; g h (b o ) f (1), (2). posited, subject 1,000,000 to 1,500,000, or in a city to call, with a of 400,000 or over; (c) $500,000, if Federal reserve located elsewhere in the State. bank in the dis- No corporation, if located in a 10 per cent trict in which borough of 1,500,000 or more Tr o 1 u f ,5 f s i 0 t c 0 e c , s 0 o 0 m i 0 n p b o a o r n r o i o e v u s e g r w h ( i s 4 t h o ). f 15 g d r p e e p e g o r a s t c i e t e s n d ( t e 4 m o ). f a a n g d - g m d o a f e t p a a e g o n d g si r e t d e s - - s i t t s r h u u e c s l h o t r c e a s b c t e e o a r d v n m ; e k p s a a n o n o d n y r i s s c t h t a s i a p tu l i o l t t a w i b l o e n n a , n a d u h d n s a e l u v e p r i s o p n s s g l i u t t s a h a r g e y r e c c f a o o o t r e m m r a b b n t i i h n n i a e e n n d d - (4). hand not so de- capital and surplus of such posited shall depositary exceeds $2,000,000. consist of gold Such depositary may also be a Trust companies with 8 per cent bullion, gold banking corporation with capoffices in boroughs of aggre- coin, United ital and surplus of $2,000,000 or of from 1,000,000 to 13 per cent of ag- gate de- States gold cer- more located in Chicago, Bos- 1,500,000 and no of- gregate demand m a n d tificates, United ton, or Philadelphia, provided fice in a borough of deposits (4). deposits States notes or such banking corporation makes 1,500,000 or over (4). (4). any form of cur- reports and submits to examinarency authorized tions as required by superinby the laws of the tendent of banking (5). 4 per cent United States Tr c o t l u a h i n t t s a d i i t n e o s n c 1 o c l ( , a o 0 f 4 s 0 m f ) s 0 i . r p ,0 s w a 0 t n 0 i a t i n h e p d s o l s p e e i s u c n s - - 10 g d r p e e p e g o r a s t c i e t e s n d ( t e 4 m o ). f a a n g d - g m o d a f e t p a a e g o d n g si r e t e d s - - s b F ( e 1 a e e ) n d , k e " ( r C 2 . a " ) a ) l , r ( r 4 r i e ) e . s d e ( r B v in u e t (4). 3 per cent Trust companies in 10 per cent of ag- of aggrecities of third class gregate demand gate deand in villages (4). deposits (4). m a n d deposits (4). North Carolina. 15 per cent of aggregate demand All banks (1), (5). p d e e r p o c s e i n ts t o a f n t d im 5 e Cash. Ot d h e e p r o s s o it l a v r e i n e t s b (2 a ) n . ks designated as deposits (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 587 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of reserve bank regulations Remarks Authorities Amount May consist of— (1) Laws 1914, chap. 369, sec. 112 (as amended by Laws of 1927, ch. 44). (2) Id., sec. 157 (as amended by Laws of Any part of a bank's 1930, ch. 679). reserves on hand in excess of 4 per cent (3) Id., sec. 30 of its aggregate de- (as amended mand deposits and j by Laws of any part of a trust j 1930, ch. 678). company's reserves ! (4) Id., sec. 197 3 o g n r p e g h er a a t n e c d e d n i e t n m o e a f x n c i e d ts s s d a e o g - f - ! \ Th u a e r m e r n es t e h h r e e v a e d s r e e i d s n e d r " i v V c e a a s t u ed l w t i h n r i e c t s h h e e r v c t o h e" l e - b 1 (a 9 y s 2 7, L c a a h m w . e 4 s n 4 d ). e o d f posits may be de- New York law defines as "re- (5) Id., sec. 38 posited, subject to i serves on hand," which under (as amended call, with a Federal ; Banks, trust companies, and pri- that law includes reserves in by Laws of reserve bank in the vate bankers failing to main- vault and balances with a 1930, chap. 678) district in which I tain the required reserves are Federal reserve bank (17). (6) Id., sec. 252, s c " (1 u o R ) c m , e h m p ( a b 2 a n a ) r y , n k k s ( i s ; 4 " o ) . l r " o V c tr a ( a u S t u e s e d t l e t J ': l w ( i 1 a i ) b , t h l ( e 2 t ) h t , o e ( 3 a ) a , s m s ( e 4 o s ) u sm nt e n o t f s s v h a o r r y t i a n g g e Al l a t l o o n a s d n a m v c a a i r n s e i s n g d o s t i c a t i i b u a n a n t i n i o g o k n u n s s , s a , r s a l a a a r n e v n t i d y r n e g b q s f a u u n i a n r k n e d s d d s , (7 1 b ) ( a 9 I y s 1 d 5 ., , c L s a h e a m a c w p . e . s 2 n 3 5 d 7 3 e 2 o . d ) f . reserve.") j for the security of their depos- (8) Id., sec. 254. Co s o e m f r p v F e li e a d n r e c e r e q a u l w ire i r t e m h s e e n r r v e ts e - : i ( ( t 1 6 o 3 ) r , ) s , ( ~ o ( ) 1 r , 4 t ( ) o 8 , ) ( . m 1 ( 5 e 9 ) e ) , t , ( 1 ( c 1 6 o 0 ) n . ), t in (1 g 1 e ) n , c ( i 1 e 2 s ), ( ( ( ( 1 1 1 9 0 1 2 ) ) ) ) I d I I I d d d , . . . , , , s s e s s e c e e c . c c . . . 2 2 2 5 3 3 5 3 9 4 6 . 2 . . . act by member ; (13) Id., sec. 393. p b a a n n i k e s s a e n x d e m tr p u t s s t t c h o e m m - ! (14 (a ) s I d., a s m ec e . n d 3 e 9 d 5 from compliance by Laws of with State law re- ' 1921, ch. 75)/ quirements (1), (2), j (15) Id., sec. 427. (4). (16) Id., sec. 457 (as amended bv Laws of 1925, ch. 383). (17) Id., sec. 3 (as amended b y Laws of 1930, ch. 678). When reserve is below required North Carolina amount the bank shall not Code Annotat- Banks becoming mem- make any new loans or dis- No provision as to amount to be ed Edition, bers shall maintain ! counts, except of sight drafts, carried as cash on hand. 1927,and Bankreserves required of ; nor make any dividends. No reserve is required on depos- ing Laws, 1927. member banks in j Upon failure to repair reserves its secured by a deposit of (1) Sec. 220 (f). lieu of those required I within 30 days, corporation United States*bonds or bonds (2) Sec. 220 (g). byStatelaw(l), (3). ! commission may take charge of the State of North Carolina (3) Sec. 220 (q). of bank until reserve is ad- (1). (4) Sec. 222 (i). justed or bank is liquidated (4). (5) Sec. 216 (a). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
588 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Total amount of Vault reserve Balances in reserve depositaries State t N ri o c . t Institutions affected reserve required Amount May consist of— Amount May be carried in— Ne k r o t t h a . Da- 9 Ac h it t e a u m a n l s d . s c h a a s C l h l a n s o o h n t Ba s n o k lv e o n f t S N t o a r te th o r D n a a k ti o o t n a al o r b a g n o k o s d , Co c a m s o s r m o p c e o i r a r c t a i i o a t l n i o s n b ( s a 1 n ). k a i n n d g 20 m a o ( 1 p n f a ) e d t . n r i m d 1 c 0 e e n p d d t e e e r p o p o f o c s s e d i i n t t e s s t - 2/5 b m c e c n a h e x o a r a t c r t c n h e i e e o g i n d p u e b g t n a t a s e w n h s d l k a e h l g c l a i a i e c n b t s x i h d e h - - 3/5 l s t p o t o e o u o r r c f s a s f a e i c t c t s e t a r i d e u s o a n s s f i t t w n s b r u i a e s l c c l n u s h o e k c f m r h i d a v n c e p e g c i p a o l t i n o o e m t i s a x e e i m t c s t e n a h e t r a r i y t n t c c h l i g a e b e a e r l a r t , h n y p c a e k i e u n n m n s r g d , - shell be cleared approved by State banking on same or nest board (1). business day (1). 20 per cent of demand deposits, 8 per cent of de- Balances due from solvent na- Savings banks (4). posits on time tional banks or State banks or certificates, and trust companies approved by 5 per cent of sav- State banking board (4). ings deposits (4). Banks or trust companies receiving 10 per cent of "Se- In another depart- Balances due from reserve agents D " e S p ec o u s r i e ts d " (5 S ). avings c D u e r p ed o sits S " a v ( i 5 n ) g . s 1/5 m ba e n n k t . of the 4/5 b to a n b k e i ng ap b p o r a o r v d e d ( 5) b . y the State Ohio 4 Lawful money, Other banks or trust companies 4 per national bank 11 per designated by resolution of cent of notes, Federal cent of board of directors and subject demand reserve notes, demand to approval of superintendent 15 per cent of total deposits Federal reserve deposits of banks (2). No bank shall Commercial banks (1). deposits (1)'. a p n er d cen 2 t b b i a l n ls k , n n o o te te s, s , a n o d r a p n er d ce 1 n 3 t d d e ep p o o s s i i t t o a ry s a a n r e a s m er o ve u n i t n i a n n e y x c o e n s e s of time gold or silver of time of 50 per cent of capital stock and deposits certificates of deposits surplus of such depository, and (1). United States (l). no two banks shall be reciprocal (1). depositories (3). 4 per 11 per cent of cent of 15 per cent of de- demand demand Savings banks, trust mand deposits deposits deposits c c i o a m l p p a la n n ie s b , a a n n k d s s 4 p 6 e ) - , a o n f d t im 10 e p d e e r p o c s e i n ts t a p n er d cen 2 t Same as above (8). p a e n r d cen 8 t Same as above (2), (9). (7), (8). (6), (7), (8). of time of time deposits deposits (6), (7), (6), (7), (8). (8). Oklahoma.. 10,11 Banks in towns of 20 per cent of demore than 2,500 (1). posits (1). Banks in towns or Good solvent banks selected from c 2, i 5 ti 0 e 0 s (1 o ) f . less than 15 p p o e si r t s c e (1 n ) t . of de- 1/3 Actual cash (1). 2/3 t b i a m n e k to c o t m im m e i s w sio it n h e r a p ( p 1 r ) o . v a ( l S o ee f also "Remarks.") , Reserve banks (1). 25 per cent of deposits (1). Savings banks which g do e ne n r o a t l tra b n a s n a k ct i ng a 20 p o pe si r t s c e (1 n ) t . of de- 10 o f p d er e p c o e s n - t Actual oash (1). business (1). its (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 589 ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Amount May consist of— reserve bank regulations Remarks Authorities May carry, with permission of State banking board, in United States bonds, or certificates of in- 1/4 debtedness, North J Dakota Land series bonds, Bank of North Dakota bonds, or North Dakota mill and elevator bonds (1). Supplement to the 1913 Compiled Laws "of North Dakota (1913-1925), and North Dakota law provides for Banking Laws a depositors' guaranty fund of 1929. While reserve is below required (2). (1) Sec. 5170. amount, no new loans or dis- The reserves, bonds, and in- (2) Sec. 5220 b 1, Banks may become counts, except of sight drafts, vestments of the secured sav- et sequi. members of the Fed- and no dividends shall be ings department shall be kept (3) Sec. 5187. e (3 ra ). l reserve system m tic a e d , e S ; ta a t n e d b , a a n ft k e i r n g 3 0 b o d a a r y d s m ' n a o y - s o e th p e a r r a r t e e s e a r n v d e s, a p b a o r n t ds fr , o i m nv e t s h t e - (4) L aw C T o s m of p N il o e r d th impose penalty of from $100 ments, loans, and discounts of Dakota, 1913, to $500(1), (4). the bank and shall be applica- sec. 5201, and ble only to the repayment of Banking Laws, such secured savings deposits 1929, sec. 5201, (5). p. 66. (5) Laws of North Dakota, 1927, chap. 96, and Banking Laws of 1929, p. 60. General Code of Ohio, and Co b s a s o q S e m e c e f u t r r c a r i v v p e r t t e e e l e p h b i m a t e a e n a n r e d c c r e k n F e t e q s t s e i s u e n b e d i w r ( x y r e v 4 e p l r i e i ) m t a m r e h . e l u e e s n s m r r r o l e e t e y s - - - f - W q o a d d i p w h n f o r u r i i t i v t a l s e n i e e f r i s d r d n d t e e i s r d d e s 3 s , e u s c n e 0 s i p o d n a o c e d u m a s r t n t v a n n o h o o e y t c f e s u f s a b , b f ' n n t u a e a h n t f e n n f e o x d m a b n k t c i p i e o i r e a c n i r s p d e s o g n p t e p o t b e a m h e f w e i o a e d r l a f t o n t ; h y y s w l d u e s o t a i a p a a g n r i n n n e k n e h d d o r s e - - t - Tr f a q s p n b u u e r e u o a s e n r s n i t t v d r h s k e e n s e s d c o o c ( ( o 7 a t f t 6 m o t ) a ) e . r t g . k d e p h a q e a e i t S e n u n o p p i i s d e r s t e e r e e s c e d p c i s u d a o e a r l e s t r r e o i p p v e t o o l e i a n s k r o n n i d e t n o e e s t b o t b p t a r t n h e u t r r k h d y e e s s e - - - t - ( ( ( ( ( ( ( 2 4 3 5 1 6 7 B ) ) ) ) ) ) 1 ) 9 a 2 S S S S S S S n 8 e e e e e e e k . c c e c c c c i . . . . n . . . g 7 7 7 7 7 7 7 1 1 1 1 1 1 1 L 0 0 0 0 0 0 0 a - - - - - - - 1 1 1 1 1 1 w 5 3 2 2 2 6 8 . s 8 7 8 9 7 0 , . . . . . . stitution (5). (8) Sec. 710-144. (9) Sec. 710-2. Any bank or trust company organized under the laws of the State may become Comp. Stat. 1921 members of the and Banking Federal reserve sys- The banking commissioner may Laws of 1926. tem and exercise all refuse to consider as part of the 0) Sec. 412* as powers of members reserve of any bank balances amended 1924 Co s s o c S ( e 2 e m f o t r r ) a m v v p . t e e e li F p a l l e n a r i a w c e d a c e q n e t u ( c r 3 w i e a r ) d l e . i e t m h e w m e r i n r t e e e h t d - s - W q m c n a b d h f o u o e a i t a l c u n e i r e k r l r n k e a m e t d r r s 3 e c e a , 0 n o d s k a e e m o m e d r i x n v m a c o a n s e e y n u i o e p s s y n w l i s ' t v t s i n d o e o t o b n n i h l f v o t e t e e i s i a l r c d o ( i n b e g 1 e w i s a t ) h n . f n t r d m o k o t s h d r m a ; e s i y a h a d f t a r n b i t h e s l d s e l e - - , Th f w m d b s t b u o e a u a u h r a v n e s n d i y i i c c k i n e n t s o h o g t e h m w e r s s s e i r s h t h s m m q d u a i w u f e c e i c l r i n l o h p r h i r c t e r m e a h i e i r s a f n i t h l u a t m r a f s a s e o n n l e b l e r y l y s a m n a o o t e n t o i o l a r n v n k t t t o n h g e h a i i o f e n e n b e n g r c r g l a t e l y o e S b a t c h a r s t a ( t a u n 1 i n i h m t t t s ) d k e s o e . t ( ( ( 4 3 2 s t ) a s a p ) ) i p p n n . v S e e d d S e S e c c e 3 l c t t e y c 4 i i p p . c v . v . , . . . 4 e e 4 1 l l r 3 1 y y 2 5 e 4 4 6 1 . . s 8 1 , , p 7 5 e a 6 r r c e e n - a 7 - - - d s Good bonds of United company is subject to the amended by 10 per States, or State, State laws relating to State act of April 8, cent county, school, dis- banks (4) 1925, and p. 75, of de- trict, or municipal respectively. pos- bonds of State of its. Oklahoma worth not less than par (1). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
590 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Vault reserve Balances in reserve depositaries State trict Institutions affected Total amount of No. reserve required Amount May consist of— Amount May be carried in— Oregon 12 15 per cent of total demand deposits and 10 per cent of total All State banks and time deposits of Actual money of trust companies (1). the commercial 3/20 United States 17/20 Balances payable on demand in department, ex- (1). Federal reserve banks or in cepting deposits banks or trust companies having of United States unimpaired capital and surplus or postal savings of not less than $75,000 and apfunds (1). proved by superintendent of banks (1), (2), (3). Savings banks and savings departments 5 per cent of sav- Lawful money of o co f m b p a a n n k i s e s a ( n 1 d ). trust ings deposits (1). t S h ta e t es ( U 1) n . ited Pennsyl- 3,4 vania. Al i o b t i p c c l z t u o o f o a s e t m n m r P d i a b w o k e p t p t a n s e h n o a a , n s d i n n n r c k s i s e i h a e s y e u c v s a , s l e n i n a v , i n d r v d a g b e e e n s a s a r a i u n d i a v i n t t e l k n i h r c a p n s ( i u o o w n 1 o t g s r r i ) g s s t - - s - . - 15 m i o ( t 2 f p s a ) e ; n ( r t 3 d 7 i ) m c H . e e n P d t e e d r p o e o f c p s e o d i n t s e s t - - Yz s r a a t p d d p ( ( i 2 e 3 g g e e a m e o o ) ) s p m r a a . f r s e t e o i i a r i v n n a s d v n t e i r n s s s o e t e e d t t d s f - - La n i s c g t o o c U w n i e e l o r r a f g n e r r f i t l v c t u d i i a b i o t a e l F f r e i o t n i i l e d e c a r n l a m d s s a s b l s g , s t e a i o e - o l r n o s n v h S a c f k n e l e b i o t a , o r y a ( a u t 2 t t a n i c s e e r ) o n o k o e e . e s s n y r r - f - , , - H r a d d p a p t ( ( i 2 r e 3 g g e e a m o e s ) ) p m r a a s . e s t e o e i i a r a i n n r s d v n v n t i s o s s e t e d e d t t s f - s P S i A o e ta n n n t e n e y r s , y b o l a f v a n p a b k p n a r i n o a o k r , v i e n tr o d g u r s ( t 2 i b n ) c y . o a m n c y p o a m n o m y th i e i s n - r Rhode Is- 1 Banks, national banking associaland. tions or trust companies, being members of clearing-house associations of Providence, and national banks and Federal reserve banks and banks or trust companies incorporated in the State where located and located in cities of New York, Boston, Philadelphia, Chicago, and Al- 15 per cent of ag- Gold and silver, bany, all of which must be ap- All banks and trust gregate deposits, demand obliga- proved by bank commissioner companies in the excepting sav- tions of United and must be members of the State except sav- ings or partici- 2/5 States, or na- 3/5 Federal reserve system or maining banks (1). pating deposits tional bank cur- tain the reserve required by the (1). rency (1). b F a e n d k er s a l a n r d es e t r r v u e s t a c c t, o m ex p c a e n p i t e s th i a n t cities other than Providence may deposit reserve in any bank, national banking association, or trust company in Providence which is member of Providence clearing-house association and maintains merely same reserve as banks not acting as reserve agents (2). South Car- 5 olina. 7 per cent of check- All banks (1). ing deposits and Cash (1). Any bank (1). 3 per cent of time deposits. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
591 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Amount May consist of— reserve bank regulations Remarks Authorities While reserve of any bank or Ca u s p s o n a h l r p v t i r e t e e n o s m t f e n s t b h t a e a e r d n e r k e n s c s o h e t e o r c v c r k o e s , t n r s u e o i x d s n t c e e r o e c p d t o t h i m n a e g s r - Ba e 1 1 n r 9 9 a 2 k 2 l 5 5 i n , g a c L n h L a d . w a 2 w s 0 G 7 s e . o o n f f - State reserve laws do trust company is below re- panies in same town or city (1) Sec. 92, as r d s H a e e a s g q p v e a u o r o i i i f n v n s r g e r i e s e t s t d s - In t g c S t h e a a t e r s a t e r i h t e o s e o t n s - f m s b a e o ( a t 1 a f r ) r k t t . h i h e n e e t g U a v c o n a t b u i l t u l a e i e l - d c m s b n F e e o o e r a r t d v m i e e b a n r p s a p a t a n l p a r k n l e i y s r i n q e e u a s s t e n i o t r r d h e v m e d e w t r e r u h a m b e c s o - y t - t f c m a q ( u e r n u e n a x d i a k d c r s e e e s a e d p f o t t i a e a r t n r s m d o y i 3 l f o v o 0 u i i a s d n n d n i e v g t s a n e h y i a d s t t s t n ' m s o d h d n f e a r o i d a n l t t l f s i i t t c s n s p c e ) o o o r o f t f u r f n o n i i i n t o m t t s s - s r , Ba r b r d q e e n u u e c q k s p i e u r s i a i n e i v r r d e a e t e s n m d d s d f e o ( t i n 1 t o r n r t ) u . m t r s t h e t a h g a i e c u t n o l t a m a r d r e i n p e se c a p r o n f a v o u i r e e r t r s s m s e e a e a r c r n o e e h - t f (2 a a c ) M L c h m a S t . a w e e r 4 . c s n 7 . a d 8 p 9 9 o e , 3 , p d f p . r . 1 o 1 9 9 v 7 2 b 2 e 6 9 y 9 d 4 , , . (1), (6), (7). superintendent of banks may and to keep the reserves for (3) Sec. 94. be declared insolvent (4), (5). each department separate and (4) Sec. 95. distinct from any other de- (5) Sec. 86. partment (7). (6) Sec. 98 (d). (7) Sec. 134. State banks and trust companies expressly (1) Act of May permitted to become 8, 1907 (as Bonds of United members of Federal While the reserve is below the amended by States, Pennsyl- reserve system, and required amount, no new loans 'Immediate demand liabilities" act of July 11, vania, or any city, thereupon become or discounts (except of sight include all deposits and claims 1917), sec. 1. 1/3. i s i b c o n n t o f o i g v t u n s P u e n d s t e s t b i t n y o m a a , n n n u e s s o k t n y h s r ( l t 2 o s v b ) r a a b . i o n n z y r i d e o a s d , u a i g n v a o h - s - r r s e c s s e e i r u o o a q r b m v n l u j e s p e i r r c l e e y o t a s m f c w e t t o r e F i v n a t e a e h t n d l s l d e r o a e r p c f a s s r t e l F o h r v a e r v i e l n i d e l - - - i a b s d o n t g e r f o s a a r b t f i m e i t n a t s d u s a n ) t d t k a i a e f i o b t n n ; e n y g d r a m ( n n 3 t 5 h d o 0 a ) e . y d d i f a i c b v y o i e i s t m d ' p e i n m s n r o o i d t n s c s i s e o c i e e s t o h d n t r a e h e e d l e r - l p c m d " o a t e a i n p y m n o t a d r b e s a i l c ( t e s 4 t d ) e . n p o o o o f n t s i p d t a s e d " y p e o a m i b s n a i l t e c n l d u b ; o d y n e a t d a n h e l d e l - ( ( ( ( ( 5 6 4 2 3 ) ) ) ) ) 1 7 I I A I I , d d d d c . . . . t 1 s 9 s s s s 1 e e e e o c c c c 7 f . . . . , 2 4 5 ; J a . . . u n l d y lieu of State require- June 15, 1923. ments (f5). Gen. Laws, 1923, ch. 277, and Banks and trust com- Every savings bank must re- Banking Laws, panies are expressly serve as a guaranty fund from 1929, ch. 277. e a p p c a l m p F b e r o n n o e a r e a e g m d d r w o n d l m m e k e v e e s r s b r e i r t i e a t s h e n s s s ( t l o r u e e i 4 e t s f i o r r b d ) t r a v e . o l j e n n e e u e t m f s s o d d c p e t t s h r o e b o y v n e e m t f p t s e o c o F t r o b t e i b e a v m h a m a e e d c l i e l r - l e - t - l , W p m a f d c c a h a o e n p e a i i a p l r m y l y p e s k t s o m e d c i r o t i e n e n a i o f v s n t s f o i s e t s e t d e i r d i l r o r o e g e v t n s n a h ( h e t 1 e n n t d e o r ) s o f s r , d . u ; e t o c r r i n a o e a r c d n r c f e m d e t e d i s s p i i s , f v e s i c r a f r e o n o n v b r c m o u y e e o m r n l m o t i m a m s b w n p y , a a u a e n b 3 1 k x s n k e t 0 e 5 y - l t f m l o t a w p t e o h u h h m t r s s h a h e n e a e s s i i o d n e c e c n w n t r i u s h h a t w e a h H n a t a i t m o i t i f i n n o s u n l p p o e o e n n e i r f \ e u d d t ( k o a s r d o 3 n f m s e p ) i f t a c b t s . h p e o e n s u i a o n r u d t t s l s o s t e i n l c n i a h e t t s o b 5 e c s e n e f e o s h , l p t c s d f u t u e t n h y h n d f r r o t r e e i e e t o o t c r a i r p i l m w e r e e o m m n a s s h s n , t u f o e d i o t o c t o r e o e e l s e h t e t f r - r , ( ( ( ( 1 2 3 4 ) ) a s B ) ) 1 1 P 1 9 9 m 9 e a u S S 2 2 2 c G n e 9 5 3 S e e . b k n , , c , c e e . i . d . c c n n 9 e c h . c 2 . 1 g L , d h h . . . . . L L a 6 3 5 a w , a a 2 2 3 w w n 7 7 b . s d a 1 1 s s y , s , , , , sec. 9. (1) Code of South Carolina, 1922, sec. 3993, as There is no provision as to the amended by Ba s o to n e f r k b v s t e e h c a e s o r y m e s F t e a e e u m d m t e h e r ( o m a 2 r l ) i b . z e r e e r d s - It e r i e x s q a t u m h i e r in e d e m u r e t t y n o t e s o n f ( f 1 o th ) r . c e e S t t h a e t e r e b se a r n v k e Ca r a 1 i s m 0 e h d d o i a u t a y e n s m s t c m s a w s s a h t h y a i i n c n n h d o i v t n m a b g u e u l l o s c t. t n o g u b e n e r t e t d c h a a a r n s - o c B 19 h f a 2 . n 8 i k , 1 l i 9 l n 2 s g 3 o e c , f L . a a a 6 c w n t 3 d s s , cash reserves (1). p. 31. (2) Code of South Carolina, 1922, sec. 4202. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
592 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT State t D N ri i o c s . - t Institutions affected T re o s t e a r l v e a m re o q u u n ir t e o d f Amount Vaul M t r a e y se c rv o e nsist of— Amoun B t alances in M res a e y r v b e e d c e a p rr o i s e i d ta i r n ie — s South Da- 9 kota. 20 per cent of total deposits (1). Reserve banks (1). (But see "Remarks".) Amount determined Banks approved by superintendby board ent of banks as reserve banks (1). of directors (1). YiVv per cent of to- All other banks (1). tal deposits (1). (But see "Remarks".) Tennessee. . 6,8 10 per cent of de- All banks, firms, per- mand deposits s ti o o n n s s , d a o n in d g b co a r n p k o i r n a g - a o n f d ti m 3 e p a e n r d c s e a n v t - Cash (1). Banks and bankers (1). business (1). ings deposits (1). Texas 11 St i m r $ a t e t 2 a s e e l 5 e m r b , s v 0 b a t e o 0 e n c r 0 k b s k s a o a n w l f e k n i s d F t s ( h e 5 d ) t c n h . e a o a r p a t n - l 20 m ( 5 p a ) e . n r d c en d t e p o o f s d it e s - Actual cash (3). An b o t S i y y f o t a n T t b e , c e a s o o x n r m a k b t s m r a o u o n i r s r s k t s b a , i c n o a o n n y b m e k a S r n p i n t a k a g n a i t n e n y a g d s o a s p r o a p h c s U r a s i o a o n v t v c i i i t n i e o e a g d n d paid-up capital stock of $50,000 Banks not in central or more; but the deposit in any reserve city, hav- one bank or trust company ing capital stock of 15 per cent of de- shall not exceed 20 per cent of $25,000 or more and mand deposits total deposits, capital and surnonmembers of (S). plus of the depositing bank (5). Federal reserve bank (5). *>M for 36 months after es- In Federal reserve bank, ^2 for Banks members of 12 per cent of de- tablish- Same as required 12 months after establishment Federal reserve mand deposits ment of of national thereof and additional M2 semic o b i r a t i n e k c s e n ( n 3 o t ) r t . a i l n r r e e s s e e r r v v e e a o (3 n f ) d . ti m 5 e p d e e r po ce si n t t s r m b a e n a a s d n e n p e r k e v n r e t - - l b U a a w n n i s t k e ( d s 3 ). u S n t d at e e r s a a a n m m n o o u u u a n n ll t t y s p t e o t r h m H er a 2 e n a , e f w n te h t r l i y c h u r s e n h q t a i u l l i l r e b i d e t ly there- (3). after #2 (3). Vis for 36 months after establish- In Federal reserve bank, Hs for Ba b c F n i a e t k n y d s k ( e 3 a r ) m n a . d l e m in r b e r e s e r e s s e r r v v o e e f 15 m o a ( 3 n f p a ) d e t . n i r m d 5 c e e p n d d e t e e r p p o o o c f s e s d i i n t t e s t s - r m b a F e n e e a s d d n e n e p t r k r v e o a r e l f - Sa l b o S m a f t a w a e n t s e k a s n s s o ( a f r 3 t e u ) U i q . n o u n d i n i r t e e e a r d d l Ms t a a 1 a h m n 2 m e n r o m o e u u o u a o n f n l n t l t y a s th n p t s d e o t r h a a m < e d f K t r a d e e s n i r a , t e i f w o n t e e n h t s r l a i t y c a l h b M u r li s e n s h q s h t a u i s m l l e i l r m e e b n d i i e t - t manent- (3). ly there after M 5 (3). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 593 ING TO BANK RESERVES—Continued Remainder May consist of— Car r r e i s e e d r v i e n b F a e n d k eral Provision r s e g fo u r l a e t n io fo n r s cement of Remarks Authorities (1) Laws of 1929, ch. 72, sec. 1; Compiled Laws, South Dakota, 1929, and Banking Cash items not considered as Laws, 1927, Un ce it r e ti d f ic S a t t a e t s e s o b f o nd i s n , - "N p k o e a e rt p b a o o n f n k r e h s s a e h n r a d v l l e a b t ( 1 e a ) n . r y e q t u im ire e d a n to y s s e p c e . c ti 8 v 9 e 7 ly 8 . , redebtedness, Treas- While reserve is below required portion of * * * deposits (2) Compiled ury certificates, or State banks and trust amount no new loans or dis- belonging to the United States, Laws, South any other evidence companies may be- counts (except of sight drafts) or any department thereof, or Dakota, 1929, 3/5 o o b f li i g n a d ti e o b n t edn o e f ss th o e r c F o e m de e r al m r e e m se b rv e e rs sy o s- f s d h a a y l s l ' b n e o t m ic a e d e; s u a p n e d ri n a te ft n e d r en 3 t 0 t p o a l t i h ty e , S sc t h at o e o , l c d o is u t n ri t c y t , , o m r u t n o i w ci n - - a L n a d w rs, B 19 a 2 n 7 k , i s n ec g . United States tem (3). of banks may wind up affairs ship if such deposits are se- 8979, respectowned by bank and of bank (2). cured by * * * obligations ively. not hypothecated as of the United States Govern- (3) Laws of 1919, part of reserve (1). ment or of the State of South ch. 125, p. 110; Dakota * * * » (i). Compiled Laws, South Dakota, 1929, sec. 8983, and Banking Laws, 1927, p. f)9. (!) Shannon's Annotated Code of Tenn., 1917, sec. 3273a 85, as amended by Pub. Acts Compliance by mem- While reserve is below required of 1927, ch. 30, ber banks and trust amount, the bank may make p. 82. c s o a l q i e o c f u e r t m u i v r F e e p o i m s e a f n d r e S i e e a n e r t c q s t a a c u l t e ( e i w 3 p r e ) r t i l . e e a t m h d s w e e r n r r v e i t e n s e - - n c a d m e n o a a p y y n y t s e ' d o t w a f i n v k s o l i e o i d t g a i c e c h n h n e t s a d , r d s o g r ; r s e a u f d a p t ( i n s 2 s e ) d ) c r . , o i n n u o a t n e f r t t n e s m d r ( e a e 3 n k x 0 t e - Th o o e f r b e re a a s c l e a h r n v c is e e s n m o a a t n y d s t c t i h p o e u n l s p a is r t t e o d p o o f ( r 1 c ti ) a o . s n h (2 A ) 8 C 1 6 9 o n 1 d a S 7 n e n , h s d o o e a e f 3 t n s 2 a T . n 7 t e 3 3 o 2 e n a n 7 d n 8 3 ' . s 7 a , . (3) Supplement of 192T» to Shannon's Annotated Code of Tenn., 1917. sec. 2097a 8. 'Demand deposits" include all deposits payable in 30 days; and "time deposits " include all deposits payable after 30 For 36 months after es- Al p b t t F l e r r e e u m e c S d s s o e t t s m ( a r l 4 y c a t e e ) o l . p m m r e b e r p e a s m a e m n n r k i v b i t s e t e e e s r d s a s e y n t x o s d o - - f W r l a b h o e m a e s a n t n n o o k e s u r v e o n f e a r t i r l t d l i s t i b t s h s b y c h e e o a l c u o l o r n l w e l t l s m s e e t c u a r h t v n k i e o e e t n i r l e n o i ( q o t f 5 u s ) n i h . a r e a n e w l d y l j r a n d i e s e n o a c s d y t o t e i s n c r c t v e e o e a e r n b d t n d e i o e f o f r f i o t c i a n r c a l e l e l e t e e d n s s p s a s t a r v b o y a t i y l f h m n a d g r t e e n e h s n s p e e t a 3 o r c l 0 ( s v a c 6 i e w t o d ) . u s a s c u n y i o t A b t s y s f - ' tablishment of Fed- the United States or desigeral reserve bank in nated by the Comptroller of Baldwin's Texas its own vaults or in the Currency (6). Stats, and vaults of Federal re- Banking Laws serve bank or na- of 1929. tional bank in re- (1) Art. 417. serve or central re- (2) Art. 432 as serve city. There- amended by after in own vaults acts of 1927. or in Federal reserve (3) Art. 521. bank or in both (3). (4) Art. 519. (5) Art. 522. (6) Art. 523. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
594 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT State t D N ri i o c s . t - Institutions affected T re o s t e a r l v e a m re o q u u n i t r e o d f Amount Vaul M t r a e y s e c r o v n e sist of— Amoun B t alances in r M es a e y r v b e e d c e a p rr o i s e i d ta i r n ie — s Texas—Con. 11 Sa t o v r f i u n s S g t s t a c t o e m d e b p p a a a n n r k i t e s m s a e (2 n n ) t d s . 15 w o p f o h s o p i s l t e e s a r v ( 2 i c n ) a e g . m n s t ou d o n e t f - 1/3 Ac s d u t e u c p a h a l rtm s c a a e s n v h t i n (2 g i ) n s . 2/3 Re p in s r e s o r u v v r e e a d n a c g b e e y n a t t n s h d d e e b c s a o i n g m k n i m a n t i g e s d s ( i 2 a o ) n n . d e r a o p f - Any bank or banking association of Texas or under laws of the United States approved by banking commissioner and hav- 15 per cent of ing paid-up capital stock of Savings banks (1). whole amount Any part On hand (1). Any part. $50,000 or more; but the deposits of assets (1). (1). in any one bank or trust company must not exceed 20 per cent of the total deposits, capital, and surplus of such savings banks (1). Utah 12 Commercial banks in 20 g p re e g r a c te e n a t m o o f u a n g t cities of 50,000 or of deposits and more (1). demand liabili- Lawful money of ties (1). 1/8 United States 7/8 15 per cent of ag- 0). gregate amount Solvent banks other than savings Commercial banks of deposits and banks (1). elsewhere (1). demand liabilities (1). 10 per cent of de- Lawful money of Savings banks (2). p (2 o ) s . it liabilities 1/4 U (2 n ). ited States 3/4 Vermont 1 Banks or national banking associa- 1/10 tions located not more than 100 miles from the depositing bank (1). Banking associations and trust companies approved by bank commissioner under supervision 15 per cent of com- of State or Federal authority in mercial deposits Vermont or in cities of New All banks (1). and 3 per cent of 1/10 Cash on hand (1). 1/5 York, Boston, Chicago, Albany, savings deposits Philadelphia, Concord, N. H., (1). or any other bank designated as United States depositary, and national banks in St. Paul, Minneapolis, and Kansas City (1), (2), or not exceeding 4 per cent in aggregate of depositing bank's assets in chartered Canadian banks (1), (2). Virginia. __ 5 All banking institutions or persons doing any banking 10 per cent of debusiness except pri- mand deposits Cash or balances vate bankers en- and 3 per cent payable on de- Other approved solvent banks (1). gaged in business on of time deposits mand (1). Jan. 1, 1910 (1), (3), (1). (4). Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
595 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of Remarks Authorities Amount May consist of— reserve bank regulations Any part may be invested in United States bonds or other direct obligations of the United States (2). Compiled Laws of Utah, 1917, Compliance by mem- Title 19, chap. ber banks and trust While reserve is below required 6, and Bankc s o a c e o c o f r t m m v s F e p p h e a l a i n d l a r l i e e n e b r q c s a e e u l i i w w r n e r i i l e m t t i h s h e e e u n r r r v o e e ts e - - f a s c a c h f m o o t a m u e o l r n l m u t 3 s n n i 0 s t o ( s d e t i a x o th y c n b e e s e e ' p r , n t l i o o n o t t a h c f i n r e c s e s e i a b g f s r a h a e o n t n d m k d ; d r b m a a d a n f i a t n d s s y k - , ) Ba m a e n a n a k c d i h s n s a t h ( a 3 v a i ) i v n n . i g n r s g e q d b u e o p ir t a e h r d t m c r o e e m s n e t m r s v e m e r c u f i o a st r l ( ( ( ( 1 2 3 4 i ) ) ) ) n S g S S S e e e e c L c c s . . s a . i 9 w 9 o 9 9 9 n 9 s 6 8 , 7 . . L 1 . 9 a 2 w 7 s , serve requirements be deemed insolvent (1). of 1919, chap. of State law (4). 19, and Banking Laws, 1927, p. 21. (1) Gen. Laws 1917, ch. 226, Banking Laws 3/5 Bo a s a c S S 1 u c e n 0 n t t c d s 0 a a y d o , t t i 0 ( n e e s r 0 1 c s s d g 0 ) i , i t . n o a y F o g n f i e f n y o t d o h f e S a U a r l t t a a U b a n s l i t n t i t e l c a e t i p , t e e n a r e o n d s e t d r s - t - Co b s l c o a p a e m c o e f l w i r t r m a v p n b F e l p ( i c 3 a d e a a e ) n d n n e r . e k e c i e e m w e r s q s a u i e a l b t i d w n h y r d e r i m e t m h S t s c r e e e o t u a m n r r m v s e t t e - t s - e - No w m h e n e e e n t w r b e q a l n u o k i a r n ' e s s m re e m s n e a t r y v ( 1 e ) b . d e o e m s a n d o e t (2 o 5 a a a ) M 5 a 3 m 3 f c c m 9 6 t a t e s 8 I 3 e r n 1 , . d , n 9 d a 2 . V d 1 o e , p 5 4 8 e f d , 3 p I d , 9 - r 1 B 9 o s 9 1 s , v 2 e , 9 e 7 b e b 2 c e a d a . y y 1 . s s s , . No. 152. (3) Act Feb. 21, 1919, No. 143. Acts of 1928, ch. 507, and Banking Laws, 1929. (1) Sec. 34 and sec. 33, respec- State banks may be- tively. c r t m m F e e o e m u e m s d n s e e e t t a r r s n a v c l d e m o o r m s e e f u m s r p c e e l h b r y F q v e e b e u r d s w a i s e n r y i r e k t o s a h - s - f l If r i c a d n e o p e a g m p f s i o o c m 3 i i n e 0 n i a n s t b s m c d i l y a o e e y n n i s n s t m , o n o t a t o i f h c y t e e a r a e r p n c s e p o t o c o l t r e y r p i e v e o f d x e o r c r a r a e t f ( i t e t o 5 h d e n ) e - r . No w a n h p d i r c o i h n v i s s s h i o o a l n v ll e a b n s e t b t c o a a r n t r k h ie e s d . a a m s o c u as n h t ( ( 2 3 s t s ) t ) i e i e v v c c . . e e S S l l e e y y 7 c c 1 . . . . , , r r 7 1 e e s s p p a a e e n n c c d d - reserve act (1), (2). (4) Sec. 3 and sec. 3, respectively. (5) Sec. 53 and sec. 52, respectively. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
596 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 PROVISIONS OF STATE LAWS RELAT Dis- Vault reserve Balances in reserve depositaries State trict Institutions affected Total amount of No. reserve required Amount May consist of— Amount May be carried in- Washington 12 Banks and trust companies, except mem- 15 per cent of total b s p m e e l e y r r v s n in e ts g o f s w y o i F s f t t e h e d m r e F e r q e a d c u l o e ir m r r e e a - - - l u d p fu n e e n r p i n d o s v c s e i e ( t s n s 1 t t ) e a . d n o d t f r 1 u i 0 s t 0 s t Ac c s v t a h e u m e n a c t e l k s c b i c a ty a o n s n k h ( s 1 ) s . o i o n l r - Su a a c s p h p r S b o t a v a n t e e k ( s 1 b ) a . o n r k tr e u x s a t m c in o e m r pa m ni a e y s reserve act (1). West Vir- 4,5 ginia. 10 per cent of de- Any national or State bank All banking institu- mand deposits Lawful money of a d n o y in g so b lv u e s n in t e b s a s n k in i n t g h e i n S st t i a t t u e t , i o o n r tions (1). and 5 per cent 1/5 United States 4/5 outside of State, provided such of time deposits (1). balances are payable on de- (1). mand (1). Wisconsin., 7,9 State banks not State 12 per cent of total reserve banks (1). deposits (1). 20 per cent of total Reserve banks (1). deposits (1). Lawful money or Trust companies (2). 12 p p o e si r t s c e (2 n ) t . of de- b (4 a ) l . ances (1), (2), Ba ( n D k , s ( 2 a ) p , p (4 ro ). ved by commissioner Mutual savings banks 5 per cent of total (4). deposits (4). Wyoming.. 10 Reserves may be Savings associations 10 per cent of sav- kept either on National banks or other banks (1). ings deposits (1). hand or on de- organized under general laws (1). posit (1). Ba a ( n 2 n ) k d , i t n ( r 5 g u ) . st a s c s o o m ci p a a t n io ie n s s 20 b p p i o l e s i r t i i t e o c s r e s n t ( t 2 o o ) , f ( d l 5 i e a ) - . - Ca s a c a s n i h f a c e t e s i i o s n o n ( f , v 2 t a ) h o , u e r ( l 5 t a s ) b s . s a o o l r - - Na a b t g y i e o t n n h t a e s l S ( o 2 t r a ) . t S e t a e t x e a b m a i n n k er s a a s p r p e r s o e v r e v d e Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
597 SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN ING TO BANK RESERVES—Continued Remainder Carried in Federal Provisions for enforcement of reserve bank regulations Remarks Authorities i Amount May consist of— Mutual sayings banks are required to invest their deposits; but for the purpose of paying withdrawals or meeting expenses or awaiting more favorable opportunities for invest- (1) Laws of 1917,. j ment, they are allowed to p. 294, sec. 46, S S l t w e c p b t s p c i t s a e S q q a F a S n h e y e n o o e e r r t l t u u t e t i m g e e e e y e r a s d c p m m a t d i i v s h t i t o r r t t b e e b n e s e m e p e p e e F m m a r l s a g a d a m m a y e e a m e n n e n a n n x l d l a m d e e a n k p k i i w a p r n a e e m n n e r w d s s e e y b n r r y e s s f i d t t s e r a e s e r d t s s s a a e m u h l s o o r m e n n r s ( s m l ( a r t c v i d t y 2 l d U r 1 b h b v o t t r y a o e e ) h o t ) e e e e e . l n e s m . t e c t f c l r r e d t r r i r o s s o h t p u u r e e t t y e m r r e r m v h h a l o o t s x s e e x e s d y o e t t t e e - f f - - - - - - - 'N i b m r l t i ( t o o t e 5 o a s a i q ) h n n . n l a u a e k l i v o s s i m s s r a a o h e o n i u r a l t d n m a h l t " l s b r a h h u l n b a e a o s b e n t l f y f l s d u m u c a b n o c l m v a a e d h m a d w s o i e p m r l , m b a e a i a e b n f i " d t l n y a h e r e t i e n a h m u d d n e b f n u u r u y l c e t n e m n h e b s d o a e d " y s s j j ! i j | M k a N n a L s s o w a c b n a i i c b t P u n n n e h a u e g g n a r o o a a o e t o h g e y v e e m p g g y t u n n w s t a r p i s d m i r r i r k k c a e t n b A S t e e b u b l h l x a o o 2 g b a a g g t d a s a n i l c r n o a 5 s n n a a t a s Y a n e n s e g e t r t k t n d p k a k e b p e e a c e t h e o a k t , v r o d l e o a t n a r h o u e o o d i r o d s k r i n m d n n r a s n u s r f d i i s r S e k d , n r c t g t g h s t e p p t e a e W e t e a r s t r p a s d r a n o i c e C o u n 5 n 2 u n u l u o n t s a r l t s 0 b c i s o o p r s s a i y s t t o a t b a F p t o r o f t e i p y v h b s t n y m n c l n f r r s s c e , a s e i c u ( y a o h k u n r o o , t i 3 p o c s n d l h s a c m g f a m ) e c a d o m a c e h C l e . t n n b e b l n a n e p i p o a p o p y h n t s u p l n e y s p a n r o n f a e c a i t t e a y o , n o a o s c n o n b v s o s i y f i o a f t s y , y t d a i a s i a u u f g u r t t n e t a l n n - n c i e h i o c i h s o x i o g n v u i n k n h d d d t e o h , n e f - r s - s p ( ( ( ( 2 3 4 5 6 ) p a a ) L 2 e ) L p a p L B ) 1 e p a 1 1 . t 5 n n . . n 8 t 9 . n a a a a L L . L L . 6 d d 2 d d w w w s n 1 7 7 9 . 5 a a a a e 2 k 3 3 s s s 6 , s w w w w q 6 , 5 , 0 e , i 9 . n s s , s s q , , 1 1 B 1 B , B B s g 9 . 9 9 s e s o o o , o a a a a s 2 s 2 2 e e c f f L f f e n n n e n 9 9 9 c c . c c k 1 k k , , 1 1 k a , . 1 . . . a 9 9 9 9 i s w i s i s i 1 2 1 n n n n 2 n 1 e 1 e e 1 2 7 8 5 9 s 9 g 9 g d c g 5 g c c 9 1 7 , , , , . , . . , , , . ' required to maintain guaranty Laws, 1929, sec. I funds for the security of their 103. depositors, and the statute I contains detailed provisions ! for the regulation of such funds (4). Deposits requiring notice of 30 Compliance by mem- days or more for withdrawal, ber banks and trust and time certificates of deposit, s a c o o e c o f f r t m v c a F e p o c e a m c d n r e p e i e p e l r q i s t a a e u l n d i w c re e r i in t e m h s w e e li r n r i e v e t t u h s e - W m a h m i a le d o e u r n e ( s t 1 e ) n r . v o e n i e s w b e l l o o a w n s r m eq a u y i r b ed e s d i c t e r a o e u r v p u ' s s i o n t n s t g s c i s t , h f s , u e , c n s c e h a d k r n a t s s i , l d f l i e a d b a d n e l e l d m c d c h a e h e e n e C c m d c k h k e s r i d , i n c s e g c t t r m a i t m i a s f a h c i e s - - - L ( ( 2 1 a ) ) 2 w 3 S S . s e e o c c f . . 2 1 1 9 0 9 2 . . 9, ch. State law reserve cates of deposit and balances requirements (1), due other banks, shall be (2). deemed demand deposits (1). Cash items are not considered as 1/3 ! : U e n r i n te m d enr S ta b te o s n ds G o (i v n - : ; Ba p m e n r a a e k n l m s i e R b s a e e n s r d e s b r t o v e r f e u c t s h o S t e y m c s F o i te e m n m d g - - W l i h s o e a b n n e e s l v o e o w r r t d r h e i e ' q s u c r o i e r u s e e n d r t s v a e m (e o o x f c u e b n p a t t n n k o o s f M p r ( u e 1 a t q ) r u . t u a i l r o e f s d a r v e s i s e n e m g r s v i a e b n a n o n u f k a s l a ! n y a y r e to b a a s l n s e o k t W i 1 1 i n s 9 9 g c 2 2 o 9 5 n , . a s L i n n a d w S B s t a a n t o s k . f the ca.se of State : are required to main- sight drafts) may be made; aside from the net profits 34 (1) Sec. 221.27. ' banks only; (1). '. tain only the reserve and, after 30 days' notice, per cent to 1 per cent of their (2) Sec. 223.04. required to be kept receiver may be appointed (3). total deposits as a guaranty (3) Sec. 221.28. bv member banks fund until it amounts to 10 per (4) Sec. 222.20. cent of deposits (5). (5) Sec. 222.16. i Session Laws of Any bank or trust : Whenever the reserve of a bank ! 1925, chap. 157, company that is a ; is below the required amount ! and Banking member of the Fed- | it shall not increase its loans ' Laws of 1925. eral Reserve System ; (except by discounting sight Trust companies doing a bank- j (1) Sec. 61. may keep the re- drafts) nor make investments ing business are subject to the | (2) Sec. 39, as serve required by ' or pay dividends and if the provisions of the act with refer- amended by the Federal reserve ; bank fails to make good its re- ence to State banks (3). Session Laws, act in lieu of State serve within 30 days after 1927, ch. 100. law requirements notice it shall be deemed in- (3) Sec. 69. (2), (3). : solvent (4). (4) Sec. 40. (5) Sec. 73. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
598 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 DETAILED FEDERAL RESERVE STATISTICS, ETC. FEDERAL RESERVE BANKS—RESOURCES AND LIABILITIES IN DETAIL AND FEDERAL RESERVE NOTE STATEMENT [In thousands of dollars] 1930 1929 Aug. 31 July 31 Aug. 31 Gold with Federal reserve agents 1,564,256 I 1, 548,714 1, 536,569 Gold redemption fund with United States Treasury 35,918 I 36,814 62, 462 Gold held exclusively against Federal reserve notes.. 1, 600,174 1, £85, 528 1,599,031 Gold settlement fund with Federal Reserve Board 571, 305 596,215 724,259 Gold and gold certificates held by bank 755, 293 808, 691 621,690 Total gold reserves.._ 2,926,772 | 2, 990,434 2,944,080 Reserves other than gold 152,655 I 169, 710 175,376 Total reserves 3, 079,427 3,160,144 3,120,356 Nonreserve cash 58,193 62,139 50, 508 Bills discounted 1 214,545 I 199, £37 1,046,306 Bills bought: Outright2 166,867 ! 128,375 114,616 Under resale agreement. 1,194 1,735 61,612 Total bills bought.. 168,061 130,110 176,228 United States securities: Bought outright 601,318 576, 301 126,581 Under resale agreement 405 | 200 23,290 Total United States securities. 601,723 | 576,501 149,871 Other reserve bank credit: Other securities. 8, 572 7,272 16,100 Due from foreign banks. 703 706 724 Reserve bank float3 32,073 20, 237 49,713 Total reserve bank credit outstanding.. 1,025,686 934, 363 1,438,942 Uncollected items not included in float 457,417 504,367 563,475 Federal reserve notes of other reserve banks. 19,812 19,471 36,218 Bank premises 59, 609 59, 584 58,860 All other resources 16, 061 13,918 10,213 Total resources. 4, 716,196 4, 754, 78i 5,278,572 LIABILITIES Federal reserve notes: Held by other Federal reserve banks. 19, 812 19,471 36, 218 Outside Federal reserve banks. .1, 354, 065 1, 322, 347 1,843,67 J Total notes in circulation. 1, 373, 877 1,341,818 1,879,889 Deposits: Member bank—reserve account. 2, 378,187 2,395, 559 2,336,809 Government 21, 387 23,367 20,276 Foreign bank 5,350 6,956 5,154 Other deposits _• 18,479 21,505 18,976 Total deposits.. !, 423, 403 2,447,387 2,381,215 Deferred availability items. 457, 417 504, 3t57 563,475 Capital paid in 169, 790 169,638 166,747 Surplus 276, 936 276,936 254,398 All other liabilities 14, 773 14,640 32,848 Total liabilities... 4, 716,196 4, 754, 786 5, 278, 572 Contingent liability on bills purchased for foreign correspondents 470, 674 479,154 453,015 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1, 728, 762 1,703,754 2,336,915 Held by Federal reserve banks 4 354, 885 361, G36 457,026 In actual circulation 1, 373, 877 1,341,818 1,879,889 Collateral held by agents as security for note issued to banks: Gold 1, 564, 256 1, 548, 714 1,536,569 E ligi ble pa per 460, 670 312,743 1,140,877 Total collateral.. 2, 024, 926 1,861,457 2,677, 446 1 Includes bills discounted for intermediate credit banks as follows: Latest month, $296,000; month ago, $124,000; year ago, $1,593,000; and notes secured by adjusted service certificates discounted for nonmember banks as follows: Latest month. $39,000; month ago. $31,000; year ago, $118,000. 2 Includes bills payable in foreign currencies as follows: Latest month, $1,071,000; month ago, $1,065,000; year ago, $12,346,000. 3 Uncollected items in excess of deferred availability items. 4 Excludes "F. R. notes of other F. R. Banks," which are consequently included in "actual circulation". Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN" 599 RESOURCES AND LIABILITIES OF EACH FEDERAL RESERVE BANK ON AUGUST 31, 1930 [In thousands of dollars] Total Boston York P p d h h e i i l l a - a - i !; C l l a e n v d e - : m Ri o c n h d - : Atlanta1 C ca h g i o - L S o t u is | i ne iV g L P :u ° " - ! I K C s a i a t n s v - Dallas : , F c S i r s a a c n n o - RESOURCES Gold with Federal reserve ; j agent -t 1,564,256 164,917 305, 636: 140,000! 200,550. 57.000' 97,200 189,000; 60,045 j 43.845 70.000,' 21.300 214.763 Gold redemption fund with ' ! U. S. Treasury ; 35,918-1 870 14,588' 2,245! 1,861. 1.47l! 2,146 1,329, 1,713; 8ot!.'. l,.V2j| 1,147 6.171 _ | • r€old held exclusively against i <\ Federal reserve notes ! 1, 600,174'j 165,787 320.224' 142, 245| 202,411; 58,471: 99,346, 190,329; 61,758! 44, 7011 71,521: 22, i47 220, 934 Gold settlement fund with i i i | Federal Reserve Board | 571,305 . 17,605| 178, 8501 52,465' 72,980 12,349: 10,922; 115,214' 20.826! 14,140', 20,46*1 12,103 34,378 Gold and gold certificates held ' ' by banks 755,293] 28,227, 464,003! 30,085j 55,845; 9,092 5.649J 104,705: 9,9061 5.021! 7,3691 9,995 -25,39*) Total gold reserves j 2, 926, 772!j 211, 619J 963,077! 224, 7951 331.236J 79,912 115,917 410,248 92. 490 63,867! 108,358] 44,545 280,708 Reserves other than gold i 152, 655 38, 350' 9, 227 7,074; 8,709! 13,625| 22,723| 12,332 4.719; 5,635 5,6961 12,384 Total reserves. : 3,079,427i 223,800 1,001,427i 234,022 338, 310! 88,621| 129,542 432,971 104.822 68,586; 113, 9931 50, 241' 293,092 Nonreserve cash 58,193: 5, 272. 15, 932! 3,096 3, 219! 3,564 3,9Ii. 9,462 3,833 l,tO7i 1,768! 2,843! 4.186 Bills discounted: j Secured by U. S. Govern- ; ment obligations j 66,9091 i 8,086 16,742, 9,977 4,069 829] 6,0951 3,014, 367, 1,713! 2.567! 3,310 Other bills discounted j ,.47, 636 i( 7, 074 18, 019, 8, 254 7,1791 18,358 32,3961 13,491] 13,376J 3,899; 7,229 12,313| 6,048 Total bills discounted.__| 214, 545i| 15,160 34,761, 18,231 17, 319, 22,427J 33,,] 2 25i19,586; 16,390 4,266! 8.942J 14,880I 9.358 "Bills bought ! 168,0611' 17, 629 44,121 103 , 692j 10,128) 10, 209| 16, 925j 8, 95: 7,520l =10,5921 7,274 17.911 1 U. S. Government securities: Bonds 66, 581'I 2, 846 13, 7931 2, 513 2, 5911 2, 1411 819 23,162j 1, 419J Treasury notes 311,077jj 21, 297 110,484; 25,188 32, 838 i 8,076! 7,929 29, 465j 16,152 5,486] 851! 9,0671 1.893 Certificates and bills 224. 065 i 22, 034 63, 469 i 24,551 22,427; a ~ai~- 3,955 28, 576! 6, 328 11, 655! 14, 469j 11, 370i 22, 154 8,790! 13,4161 8,7911 14,962 Total U. S. Government ! securities ] 601.7231' 46,177' 187, 746: 52, 252 57, 856! 16,983 12,703' 81,203! 23,899 25,931 28.736| 29,228j 39,009 Other securities ; 8, 572|i 1,000; 6, 550! 1,000 •--! i ! 1 Total bills and securities- 992, 901 j! 79, 966 273,178! 71, 586 91, 867j 49.538! 56,137! 117,714 49,246] 37,739! 48,270' 51,382! 06,278 Due from foreign banks ' 703J1 52, 229' 69 71i 3()i 25! 95 25 21i 2l! 49 U ncollected items : 489, 490i! 52,178, 135, 898! 42,168 47, 709i 33,505 12,833' 63,464' 20,5421 9, 994 29, 2971 16. 870| 25, 032 Federal reserve notes of other • i Ba F n e k d e p r r a e l m r i e s s e e s rve banks ; 5 1 9 9 , , 6 8 0 1 9 2 , i ! 1 3,5 2 8 4 0 4 ' : 1 6 5 . , 3 6 4 6 0 4 ' ' 2,6 6 1 5 4 8 7 1, , 0 28 6 7 0 ! : 3 1 , . 2 38 1 9 4 ; 2,6 7 5 6 9 6 | 1 8 2 , , 2 0 9 4 5 3 ! ! 3,8 7 1 2 1 3j 2 1 , , 00 3 11 3 88 6 o 1 , . 9 7 7 8/ 2 $ ; ! l,<S 4 7 6 r 2 i : ! 4 2 , , 7 8 7 4 8 6 All other resources 16,061 i1 93: 8, 7731 233 1,104' 525] 2.673J 672J 431 522| 212; 516; 307 Total resources i 4,716,196J 365,185; 1,457,441: 354.446 490,627 180,3861 208,546; 634,716; 183,433] 121,318 199,319! 124. 2111 396, 56S LIABILITIES ! Federal reserve notes in actual ! circulation \ 1, 373, 877i 135, 774; 185,135| 129, 046 191,812 54,8781 114,734! 169,972! 66.887, 49,902 69.116! 34.35'_'i 161,2^ Deposits: i Member bank—reserve i account : : 2, 378,187 [ 143,603 984, 202| 141,634 202, 0841 62, 144; 61. 170] 340, 123! 75, 391 j 48.99SJ $S.3.T2: ."7,784! 172,722 Government 21, 3871 1,249 2,044 1,624 1,571 3,108] 1,198! 3,8111 2,309 l,206| 1, ll'2i 1,024! 1,131 Foreign bank : 5, 350| 402 1,708! 526 543j 2281 i95i 7271 :95 125] 163! 163! 375 Other deposits i 18, 4791 i 9: 7,512! 38 1, 423! 64 141 431j 218 133 1,185] 34! 7,291 Total deposits I 2,423,403 145,263 995,466' 143, 822 205,621, 65, 544! 62, 704345, 092! 78.113 50. 462 90,792| 59,00oi 181,519 Deferred availability items ; 457,417 50,532' 125,167 37, 390 46, 956i 30, 906 12, 834 57, 343J 20, 951 9. 914 25, 747; 16, 8741 22, 803 Capital paid in ; 169, 790 11,806' 65, 579! 16, 782 15,956! 5, 798 5, 366 20,121] 5,266] 3, 060 4,331j 4. 358 11, 366 Surplus | 276, 936 : 21,751 i 80, 001 j 26, 965 29,141; 12, 4961 10, 857 40, 094] 10, 877 7,143 9,1621 8, 935 19, 514 All other liabilities 14,773! 59, 5, 093: 440 i 764 2, 051 2, 0941 1, 339! 83: 17ll 687 97 Total liabilities.... 4, 716,1961: 365,185, 1, 457, 4411 354, 446 490,627: 180,386 208,546 634,716| 183,433 121,318 199,319. 124,211] 396,568 Reserve ratio (per cent). 81.1 84.8 85.8 85. 1: 67.9! 73.0 84. l! 72.3 6S. 3 71. 3: 53. S| So. 5 FEDERAL RESERVE NOTE STATEMENT Federal reserve notes: Issued to Federal reserve banks by Federal reserve agents 1, 728, 762 169, 603) 296, 773 145,418 221, 695 79, 951 137,731. 195,068| 81,186 54, 675 79. 839 40, 2S222o, 535 Held by Federal reserve : banksl 354, 8851 33,829 110,638 16, 372 29, 883 15,07< 22, 997! 25, 096 14, 299| 4,773 10, 723! 5, 930 65, 266 In actual circulation 1, 373, 877 135,774' 186,135 129,046 191,812 64.878 114,734' 169,972 66, 887 49, 902 69.116 34,3521 161,269 Collateral held by agents as I I security for notes issued to banks: I Gold 1,564,256: 164, 917) 305, 636 140,000 200, 550 57.000 97,200: 189,000 60,045 43,845 Eligible paper 460, 670 32, 710 60, 710 117, 484 32, 635 32,212! 43,331! 36,340 24,900 11,631 70,000: 21,300 214,763 19,465! 22,101 27,151 1 Excludes "Federal reserve notes of other Federal reserve banks," which are consequently included in "actual circulation." 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600 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 BANK DEBITS KINDS OF MONEY IN CIRCULATION [Debits to individual accounts. In millions of dollars] [End of month figures. In thousands of dollars] Number July, June, Julv, i May 31 June 30 July 31 Aug. 31 v of centers 1930 1930 1929 Gold coin _ ' 358,575 357, 236 356, 079 354, 485 New York City 1 29,600 37, 690 49, 215 Gold certificates 954,465 994,841 1, 001, 923 1,050, 575 Standard silver dollars 38,610 38, 629 38,108 38, 234 Outside New York City 140 23,171 24, 648 28,444 Silver certificates 391,773 386,915 381, 285 390, 203 Treasury notes of 1890 1,261 1,260 1, 259 1, 254 Federal reserve district: Subsidiary silver 281,167 281,231 279, 736 280,130 Boston _ __. 11 2, 476 2,683 3,221 Minor coin 117,193 117,436 117, 236 117,397 New York 30, 515 38, 706 50, 366 United States notes 290,260 288,389 287, 878 297, 603 Philadelphia . _ _ _ 10 2,135 2, 386 2,851 Federal reserve notes 1,466,561 1,402,066 1, 320, 263 1,353,193 Cleveland . 13 2, 765 2,872 3,247 Federal reserve bank notes. 3,221 3,206 3,155 3,126 Richmond 741 742 783 National -bank notes 648,382 650,779 639, 593 648, 272 Atlanta 15 917 935 1,175 Chicago 21 6,138 6, 707 7, 569 Total 4,551,468 4,521, 988 4, 426,494 4, 534,471 St. Louis 5 1,108 1, 225 1,321 Minneapolis ... 9 679 723 914 Kansas Citv 15 1, 396 1,326 1, 729 v Preliminary. Dallas 10 600 618 729 San Francisco._ _ 18 3,300 3,415 3,755 FEDERAL RESERVE BANKS—MATURITY DIS- Total 141 52, 771 62, 338 77,659 TRIBUTION OF BILLS AND SHORT-TERM SECURITIES [In thousands of dollars] MEMBERSHIP IN PAR-COLLECTION SYSTEM [Number of banks at end of July] Within' 16 to 61 to ; Total da 1 y 5 s ; d 3 a 0 ys d 9 a 0 ys monthssjj Member banks Nonmember banks 1 I Fede d r i a s l t r r i e c s t erve 1 i ! On par list Not onpar list Bills A d u i g s . c 6 ounted 220055,,923 115.967 26,593 10,144| 115 Aug. 13 11999000,, 551155 110033, 502 17,785 33,054 26,860 9,1951 119 1930 ! 1929 Aug. 20 119966,,179 108, 988 17,7261 37,689 24,259 7, 4021 115 1 1930 1929 1930 1929 Aug. 27 119933,,22751077,399 16, 863| 39,215 23, 271 6,397, 140 Bills bought in open market: United States _ 8,284 j 1 8,677 11, 485 12,275 3,624 3,779 Aug. 6 133,571 65, 459 17,497 4*3,651 6,836 12«L Aug. 13 154,328 57, 564:32,849i 58,391 5,240 2841. Boston _ _ _ 400 ! 408 268 268 Aug. 20 158,922 41,413 33,015! 76,634 7,425 435. New York 923 ! 939 401 406 Aug. 27 163, 274 53,960 33,575 71,621 4,097 Philadelphia 755 1 772 463 482 Certificates and Cleveland __ 782 i 806 951 1,002 9 10 bills: Richmond 484 i 531 560 599 501 550 Aug. 6 |248, 29,577' 765 71,070; 68,855 A Ch tl i a c n ag ta o _ 1,1 4 2 0 5 8 i 1,2 4 2 3 5 2 3,3 2 1 1 3 6 3,5 2 2 5 3 5 8 2 8 3 6 6 9 2 2 2 9 6 A A u u g g . . 2 1 0 3 J !2 2 2 5 1 5 , , 1 5 1 8 2 0 38, 52 4 7 5 54,172; ! 63,435; 6,214 i 8 7 1 6 , , 0 5 7 7 0 0: : 7 79 7 , , 0 5 8 7 0 9 St. Louis 548 ! 575 1,563 1, 698 481 480 Aug. 27 i224,041 41,167i 17,214 85,571, 80,089 Minneapolis. _ _ __ 661 i 694 530 608 1,055 1,114 Municipal war- Kansas Citv -._ S86 i 912 2,011 2, 166 182 200 rants: Dallas 719 i 766 589 611 214 209 Aug. 6 22_. San Francisco 593 ; 617 620 657 60 61 A A u u g g . . 2 1 0 3 2 22 2 L _ Aug. 27 22;.. i Incorporated banks other than mutual savings banks. i Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
SEPTEMBER, 1930 FEDERAL RESERVE BULLETIN 601 CHANGES IN MEMBERSHIP STATE BANK MEMBERSHIP The following list shows the changes affecting State Date Federal reserve district Capital bank membership during the month ended August 21, 1930, on which date 1,064 State institutions were No. 1—BOSTON—Continued members of the svstem: 1930 July 31 Atlantic National Bank, Boston, Mass $8,000,000 Beacon Trust Co., member 3,000,000 Date Federal reserve district Capital Co A n t s l o a l n i t d i a c t e N d a ti u o n n d al e r B a c n h k arter and title of 9,875,000 Aug. 1 Northampton National Bank, Northampton, Mass., title changed to Northampton National No. 1—BOSTON Bank & Trust Co. 1930 July 31 Beacon Trust Co., Boston, Mass $3,000, 000 No. 2—NEW YORK Consolidated with Atlantic National Bank. Aug. 4 Columbus Exchange Bark, Providence, R. I., Aug. 15 Peoples National Bank, Elizabeth, N. J 300,000 title changed to Columbus Exchange Trust Co. Succeeded by Peoples Banking & Trust Co., Aug. 11 New Britain Trust Co., New Britain, Conn 1, 000,000 member. Voluntary withdrawal. No. 3—PHILADELPHIA No. 2—NEW YORK Aug. Red Lion First National Bank, Red Lion, Pa 125,000 Aug. 15 I Peoples Banking & Trust Co., Elizabeth, N. J..J 300,000 Red Lion Trust Co., nonmember 125,000 i Admitted to membership; succession to Peo- ! Consolidated under charter of Red Lion First j pies National Bank. ! National Bank and title of First. National Bank & Trust Co 25, 000 No. 3—PHILADELPHIA ! No. 4—CLEVELAND Aug. 2 Industrial Trust Co., Wilmington, Del \ 1,250,000 Admitted to membership. July 22 , Peoples National Bank, North Belle Vernon, Pa. 25,000 ; Absorbed by Valley Deposit and Trust Co., No.4—CLEVELAND '•• nonmember. ! July 30 j First National Bank, Wilmore, Ky 25, 000 Aug.Hl Fifth-Third Union Trust Co., Cincinnati, Ohio, ! j Succeeded by First State Bank, nonmember. absorbed the Cosmopolitan Bank & Trust Co., . Aug. 7 Union National Bank, New Kensington, Pa 100,000 Cincinnati, Ohio, a nonmember 350,000 • Absorbed by Logan Trust Co., nonmember. Aug. 21 Dollar Savings Bank Co., St. Clairsville, Ohio__. 50,000 Aug. 9 ; Third National Bank, Uniontown, Pa 200,000 Closed. j Primary organization. No. 5—RICHMOND Aug. 15 i First National Bank, Washington Court House, Ohio 100,000 July 28 Drovers & Mechanics National Bank, Baltimore, I Primary organization. Md. .,000,000 Continental Trust Co., Baltimore, Md., non- No. 5—RICHMOND member ,350,000 Merged with and under the charter and title July 1 • National Union Bank, Rock IIill, S. C 300,000 of Maryland Trust Co., Baltimore, Md., a i i Succeeded by Central Union Bank of South member. j ! Carolina, nonmember. No. 7—CHICAGO Aug. 9 j Kimball National Bank, Kimball, W. Va 25,000 ! Primary organization. July 28 Farmers State Bank, Ellsworth, Iowa. 25,000 Voluntary withdrawal. ! No. 6—ATLANTA j No. 8—ST. LOUIS July 25 i Citizens National Bank, Greencville, Tenn 75,000 ; Conversion of the Citizens Savings Bank, Aug. 12 The Shaw Bank, St. Louis, Mo 200,000 i nonmember. Succeeded by Shaw Bank & Trust Co., St. Aug. 18 i First National Bank, Daytona Beach, Fla., title Louis, Mo., which was admitted to mem- j changed to Atlantic National Bank. bership 200,000 1 No. 7—CHICAGO No. 9—MINNEAPOLIS June 18 First National Bank, Albia, Iowa 50,000 July 25 Swift County Bank, Inc., Benson, Minn_. 100,000 I Succeeded by First Iowa State Bank, non- Voluntary withdrawal. I member. * July 25 Reed Point State Bank, Reed Point, Mont. 25,000 June 23 First National Bank, Guthrie Center, Iowa 75,000 Voluntary liquidation. Absorbed by Peoples State Bank, nonmember. No. 12—SAN FRANCISCO July 15 Howard National Bank, Kokomo, Tnd 200,000 Absorbed by Citizens National Bank. June 10 Commercial Security Bank, Ogden, Utah, mem- July 26 ! First National Bank, Clintonville, Wis 60,000 ber, absorbed National Bank of Commerce, I Clintonville State Bank, nonmember 70,000 Ogden, Utah 250,000 ; Consolidated under charter and title of First • National Bank _. 100,000 July 29 First National Bank, Muscatine, Iowa 100,000 NATIONAL-BANK MEMBERSHIP First Trust & Savings Bank, nonmember 100,000 Consolidated under charter and title of First The following list shows reported changes (except National Bank. suspensions and insolvencies) affecting national-bank July 31 I Marine National Bank, Milwaukee, Wis 1,000,000 ! National Exchange Bank 1,000,000 membership, concerning which information became i Consolidated under charter of Marine Naavailable between July 22 and August 25: tional Bank and title of Marine National : Exchange Bank. 2,200,000 July 31 Citizens National Bank, Grinnell, Iowa 75, 000 i Absorbed by Poweshiek County National Date Federal reserve district Capital I Bank. Aug. 1 Atlas Exchange National Bank, Chicago, 111 200, 000 Absorbed by West Side National Bank, No. 1—BOSTON ! which changed its title to West Side-Atlas- 1930 National Bank. July 26 First National Bank. Rockville, Conn $100,000 Aug. 5 • Commercial National Bank, Fort Dodge, Iowa,. 100,000 Absorbed by Rockville National Bank. I Absorbed by Fort Dodge National Bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
602 FEDERAL RESERVE BULLETIN SEPTEMBER, 1930 CHANGES IN MEMBERSHIP—Continued of the Federal reserve act as amended, as follows: (1) Trustee; (2) executor; (3) administrator; (4) registrar of stocks and bonds; (5) guardian of estates; (6) Date Federal reserve district Capital assignee; (7) receiver; (8) committee of estates of lunatics; (9) in any other fiduciary capacity in which No. 7—CHICAGO—Continued State banks, trust companies, or other corporations 1930 which come into competition with national banks are Aug. 12 First National Bank, Fontanelle, Iowa $25, 000 permitted to act under the laws of the State in which Absorbed by State Savings Bank, nonmember. the national bank is located. No. 8—ST. LOUIS July 28 i ! I First S u N O c a c l t i e v i e o e d n . e a d l b B y a n F k i rs o t f N M a o ti u o n n t a l O B li a v n e k , 1 i 1 n 1 Mount 70,000 Location t D N ri i o c s . t - Name of bank g P r o a w nt e e r d s Ju]y 29 First National Bank, Chillicothe, Mo 100,000 Peoples Trust & Savings Co., nonmember 100, 000 Consolidated under charter and title of First Merrick, N. Y First National Bank 1 to 9. National Bank 100,000 Sharon, Pa.. . _ McDowell National Bank __ 5 to 8. i Lititz, Pa Farmers National Bank 5 to 9. i No. 9—MINNEAPOLIS Norristown, Pa . __. Montgomery National Bank I 1 to t Georgetown, Kv First National Bank 1 to 9. July First National Bank of Mobridge, S. Dak 50, 000 Winter Haven, Fla Snell National Bank in Win- | Succeeded by First National Bank in Mo- ter Haven ! Ito9. bridge. * ! | Grinnell, Iowa Poweshiek County National j July Farmers & Merchants National Bank of Ivanhoe, Bank ] 1 to 9. Minn 35,000 | Carrollton, Ky Carrollton National Bank___j 1 to 9. Succeeded by Farmers & Merchants National ! Lake Norden, S. Dak. Lake Norden National Banki 1 to 3, 5 to 8 Bank in Ivanhoe. Chamberlain, S. Dak. First National Bank & Trust! July 29 First National Bank & Trust Co., Chamberlain, Co I 1 to 9. S.Dak 25, 000 Primary organization. Aug. Northwestern National Bank, Litchfield, Minn.. 75, 000 1 Supplementary. Succession to First National Bank. Aug. ! First National Bank, Phillips, Wis 25, 000 [ Succession to First National Bank of Phillips. The Comptroller of the Currency presents the following summary of increases and reductions in the numj No. 10—KANSAS CITY ber and capital of national banks during the period •July 19 First National Bank, ITotchkiss, Colo , 000 from July 26, to August 22, 1930, inclusive: Succeeded by First State Bank, nonmember. No. 11—DALLAS Num- j July 32 Exchange National Bank, Shreveport, La 20G, 000 ber of jAmount of Absorbed by First National Bank, Com- banks j mercial National Bank, American National Bank. City Savings & Trust Co., nonmember, and Continental Bank and Trus-t I Co., nonmember. New charters issued $575, 000 July 30 ! ! Hutt S o u c N c a e t e i d o e n d a l b y B a F n ir k s , t H N u a t t t i o o , n T al e x Bank in Hut to. 25, 000 I R n e c s r t e o a r s e e d o t f o c s a o p l i v t e a n l c a y pproved 1 3,80 2 0 5 , , 0 0 0 0 0 0 Aug. 14 ! First National Bank, New Hobbs, N. Alex 25, 000 Aggregate of new charters, banks restored to ! Aug. 14 : First P r N im at a io ry n a o l r B ga a n n i k z a i t n i o P n l . ainview, Tex 100, 000 solvency, and banks increasing capital ! 22 | 4,400,000 Su v c i c e e w ss . ion to First National Bank of Plain- Liquidations 2,160,000 Reducing capital. -I 0 No. 12—SAN FRANCISCO Total liquidations and reductions of capital._| 27 2,160,000 June 10 ! National Bank of Commerce, Ogden, Utah 250, 000 Consolidation of national banks under act of Nov. i J Ab m so e r m be b d e r. by Commercial Security Bank, Co 7 n , s 1 o 9 l 1 i 8 dation of national banks and State banks 2, 200, 00O July 31 ' j W c e h s a t n e g rn e d N a to ti o C n e a n l t B ra a l n k N , a L ti o o s n A al n g B el a e n s k , . Calif., title under act of Feb. 25, 1927 5 10, 500,000 Total consolidations.. 2,700,000 Fiduciary Powers Granted to National Banks Aggregate increased capital for period 4,400,000 Reduction of capital owing to liquidations, etc. 2,160, 000 During the month ended August 21, 1930, the Federal Net increase.. 2, 240,000 Reserve Board approved applications of the national banks listed below for permission to exercise one or i Includes 1 increase in capital of $200,000 incident to a consolidation more of the fiduciary powTers named in section 11 (k)under act of Nov. 7, 1918; also 5 increases aggregating $2,116,000 under act of Feb. %>, 1927. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
CONDITION OF ALL MEMBER BANKS ALL MEMBER BANKS—CONDITION ON CALL DATES JUNE 30, 1927, TO JUNE 30, 1930 [Amounts in thousands of dollars] June 30, Oct. 10, Dec. 31, Feb. 28, June 30, Oct. 3, Dec. 31, Mar. 27, June 29, I Oct. 4, Dec. 31, Mar. 27, June 30, 1927 1927 1927 1928 1928 1928 1928 1929 1929 ! 1929 1929 1930 1930 RESOURCES Loans (including overdrafts) 22, 938, 20723, 226,513 23,886,393 23, 098, 936 24302,787! 24,325,010 25,155, 255 24, 944,641 25,658,491 26,164,829 26,150, 061 25,118,783 25, 213,770 United States Government securities... 33,779966,334477 3,977,557, 4,215,822 4 224,730 4,385,830, 4,311,790 4,453,953 ' 154,929 4,021,636 3,862,968 4,085,006; 4,061,395 Other securities 6., 021,.9 27 . . 6,382,962 6,373,630 ,533,656! 6,218,145! 6,216,890 ,5 , 9" 94,4"3"2' 5,897, 541 5,727,306 5,920,921 5,851,908 6,380,494 Total loans and investments 322, 775566,448811 33,185,781 34,246,912 33,688,388 35,061,17334,928,985 35,683,935 31,5,393,026 35^710,961 35,913,771)35,933,950|35,055,697 35,655,659 C B u an st k o i m ng e r h s o ' u li s a e b , i f l u it r y n i o t n u r a e c , c a o n u d n t f i o x f t u a r c e c s eptances 1,0 5 3 0 6 2 , , 7 0 3 2 1 4 1, 5 0 7 5 6 9 , , 2 9 2 3 3 0 1,0 69 6 9 7 ^ , 7 2 0 0 1 0 ! 1,0 6 7 9 7 5 , , 5 3 2 19 9 0 71 9 0 9 , ,2 2 1 0 0 7 ; i 1, 7 1 2 0 7 5 , ,5 2 5 5 8 8 1,1 9 0 2 7 9 , , 5 2 4 8 0 7 1,1 83 1 6 8 , ,4 0 1 2 8 8 ,1 8 6 0 9 2 , , 7 1 5 8 2 8 1,1 9 7 88 5 , , 9 39 1 3 2 ! | 1 1 2 1 5 9 2 0 , , 1 3 4 0 7 6 1 1 1 , , 2 1 0 1 2 1 , , 4 1 8 5 6 3 1,2 9 1 2 7 8 , , 9 8 6 0 3 7 Other real estate owned 175,829; 180, 546 177,229| 180,511 184,109: 178,443 177,716 184, 873 179,878 182,796! 183, 989 188,815 190,995 Cash in vault. 553377, 885566' 539,137 523,370 525, 992 449,198 519,126 564,384 516, 742 433,491 497, 212i 558,450 496, 633; 484, 262 Reserve with Federal reserve banks 2,280,439, 2,319,736 2, 514,465 2,366,605 342,045; 2,348,018 2,409,367 2, 338, 569 , 359, 077 2,321,806! 2,373,760| 2,352,738: 2,407,960 Items with Federal reserve banks in process of collection 740,8161 739,871 784,39l| 686,881 680,492' 856, 655 967,8361 841,606 775,822: 923,363! 994,3731 719,2011 836,471 Due from banks in United States 1,968,326J 2,077,441 2,209,831' 1,940,619 1,897,231' 2,026,259 2,124,252; 1,741,478 1,885,167| 2,004,938! 2,167,756 1,901,517; 2,360,377 Due from banks in foreign countries (including own I branches) 275,8 255,821! 258,337 269,373 291,490 286,68()l 305,299! 287,248 272,682! 246,996; 263,834j 247,612: 220,793 Exchanges for clearing house and other checks on local banks 1,912, 942,1, 564, 796j 1,508,418 1,311,817 1,447,219 1,634,689! 3,493,061 2,486,203 1,446,186 2,132, 331! 2,762,463; 1,616,954! 2,645,057 Outside checks and other cash items. 177,771 157,841 200,159: 134,916 217,291; 163,527 203,884; 142,395 117,298 102,363! 139,0561 65,331! 118,552 Redemption fund and due from United States Treasurer. 32,891 33,054 33,281; 32,823 33,025 33,001 32,995 32,761 32,715 32,828 32,889 32,823! 32,658 F Acceptances of other banks and bills of exchange or drafts sold with indorsement 210,519! 265,007 431,968 454,958 436,486' 433,668 677,994 475,155 453,826 551,587 735,193 612,193 557,748 Securities borrowed 33,539 29,464 35,212 29,248 37,733; 36,551 35,947 48,844 36, 337 32, 592i 35,533| 25,744 26, 324 Other assets 168,141 171,070! 197,666 186,677 204,940 205, 273 222,149 229,751 232,621! 198,700! 219,379 231,482 223,114 Total . 42,810,192J43,155,718|44,888,140 43, 581, 656 45,091,84945,483, 697 48,935,646 46, 673,097 45,908,001 47,305,588^ 1478,843,078 45,860,379 47,906,740 LIABILITIES I I U S R C u e a n r s p d p e i i r l t v u a v i l s e d s s e t d f o o c r p k r d o p i f v a it i i s d d — e i n n n d e s t , contingencies, etc \ 2 2 , , 0 2 8 3 7 4 0 3 3 , , , 3 7 3 4 3 1 2 7 9 ; : ! 2 2, , 0 9 3 4 4 0 9 0 4 , , , 3 5 7 2 0 0 5 5 8 2 2 , , 8 3 1 7 3 2 9 7 4 , , , 4 7 0 8 8 2 0 0 0 ' 2 2 , , 9 3 1 1 4 4 . 5 4 4 , , , 5 1 1 1 8 1 9 2 4 2 2, , 4 Q9 2 1 ^ 8 2 5 4 5 4 , , , 3 5 [0 7 ) 3 \1 6 Z 6 2 : I' / 2 2 , , 3 4 8 1 8 5 2 8 2 3 0 6 > , , , 3 8 0 0 5 9 2 20 9 3 5 2 2 , , 4 8 4 1 4 7 3 5 4 0 2 1 , , , , 7 5 7 2 0 6 4 2 9 4 4 3 2 2, , 5 5 9 4 6 1 8 3 8 , , , 1 2 1 5 7 4 5 8 5 ! 2 2 , , 6 8 6 4 5 8 6 0 2 , , , 9 3 8 2 3 0 s 6 6 ' 2 2, , 9 8 7 8 1 3 0 1 9 , , , 9 2 6 2 6 4 8 9 5 1 ! 2 2 , , 9 7 8 0 5 6 9 7 4 , , , 5 1 6 1 4 1 3 8 2 2 2 , , 8 9 7 1 8 5 4 7 1 6 4 6 , , , , 9 0 9 6 4 5 7 1 4 3 5 0 ! ! 2 2 , , 9 7 8 1 5 2 7 8 0 0 1 2 , , , , 0 8 9 9 0 7 9 4 0 2 7 0 F W Reserves for interest, taxes, and other expenses accrued 144,242 164,430! 143, G03i 177,252 and-unpaid 128,142| 152,531 128,757 137,345 145, 458' 150,438 120,676 157,144! 148,825: 172,193! 137,660 175,896 148,960 Due to Federal reserve banks 53,043! 54, 402 52, 073 45,360 49,8231 65,379 56,510 51,433 51,883: 55,720! 54,458 51,915: 46,206 Due to other banks in United States 3,507,732 3,567,193 3,808,222 3,495,722 3, 263,494: 3,462, 3"~ 3,649,03" 3,070,084 3,091,639! 3,153,077 3,517,325" 3,204,316 3,831,656 Due to banks in foreign countries (including own branches) 567,8001 586,869 745,691 643,372 613,732 508,571 543, 273 462, 649 464,871 481, 696 576,664 498,075! 571,766 Certified and officers' checks outstanding. 1,064,605 977,944 839,556 848,064 787,770; 1,041,114 2,184,138 1,739,947! 753,620 1,405,446 1,603,562 1,134,283; 1,493,437 Cash letters of credit and travelers' checks outstanding. 41,696 26,391 21,641 29,015 43,177! 27,338 23,128! 27,38,R 43,182 27,613 23, 460 25,038! 41,389 Demand deposits 17, 735, 244 17, 374, 426 18,170,140 17, 304, 646 17, 606, 564 17, 501, !4, 3900 138,6,58il7, 7()8i 269 17, 814, 603!17, 937, 478J18,861, 582 17,078, 905 18,061, 977 Time deposits 12, 209,834 12,459, 248 12, 764, 798 12, 922, 638! 13, 438, 585 13, 409,I ,6 40583 1. 33,11 13, 328, 712 13, 325, 06613, 317, 649^13, 233,481 13, 518. 731 13, 811, 978 United States deposits 217,622 435,475 266,981 86,032 256,681' 158,761 261,505 410,867: 347,967 315,4791 143,203! 324J 893 280,769 Agreements to repurchase U. S. Government or other securities sold 17,967) 17,845 32,785 21,375 18,103 95,161 134, 081 102,423 103,758 149,090' 136,957 66,214 37,164 Bills payable and rediscounts: i Acce W A p l t i l a th o n c th F e e s e r d o e f r a o l t r h e e s r e r b v a e n b k a s n k a s nd bills of exchange or 4 10 4 0 0 , ,5 6 6 83 5 ; 45 70 7 , , 7 4 5 5 8 7 58 8 3 0 , , 2 2 0 6 9 6 4 9 8 5 5, , 8 0 7 1 4 8 1,0 1 9 1 5 3 , , 9 4 9 4 7 0 ! 1,O 13 19 4 , , 7 1 8 2 9 7 : 1,0 1 4 2 0 1 , , 6 5 0 70 8 9 1 8 7 1 1 , , 4 6 3 0 4 1 6 2 4 3 6 2 , ,1 3 8 3 8 4 2 14 0 0 6 , ,1 4 2 6 4 7 2 1 7 6 3 1 , , 8 0 8 9 0 0 drafts sold with indorsement 1 210, 519, 265,007 i 431,968 454, 958 436, 486 433, 665. 677, 994 735,193 612, 193: 557, 748 Acceptances executed for customers 503, 595J 575, 636 721,473 705,001 710,270 717,931 928, 329 984,670! 1,276,159 , 125, 907 925,576 Acceptances executed by other banks for account of reporting banks 32, 042 26,075 22,318 26, 008 28, 235 41,417 43,636 29, 647 24, 654 34, 998 National-bank notes outstanding 650, 445 649,390; 619,877 046, 162 648, 602! 648, 016 649,893 645, 562! 647, 481; 649,098 Securities borrowed- . _ _ _ _ _ ... - ... 33,564 29,471! 35, 936 29, 352 37, 782! 36, 556 35, 947 35, 533! 25, 744 26, 324 Other liabilities 147, 696 135,062 191, 169 201, 899 166,726 189, 692 209,109 245, 585j 239,961 226,915 Total- 42, 810,192 43,155, 718 44, 888,140 43, 581, 65645, 091,849J45, 483, 697 48, 935, 646,46, 673, 097J45, 908, 001|47, 305, 588'48,843, 078;45, 860, 379 47, 906, 740 Number of banks.. 9,099 9,087 9, 034 8, 9831 8, 929 8,896 8,837 8,707 8,616; 8,522 8,406 8,315 8 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON CALL DATES SINCE OCTOBER, 1928 * [Amounts in thousands of dollars] Oct. 3, Dec. 31, Mar. 27, June 29, Oct. 4," Dec. 31, Mar. 27, June 30, 1928 1928 1929 1929 1929 1929 1930 1930 Loans—Total 24,335,010 35,^55^355^ 24,944,641 25,658,491 26,164,829 36,150,061 35,118,783 25,313,770 Acceptances payable in United States 79,718 ~~"~ 108, 925 145, 754 " ~ 1Q7, 993 93,107 ~~2ri; 950 174, 509 169, 678 Bills, acceptances, etc., payable in foreign countries 101, 259 103, 245 92, 701 90, 001 69, 561 79, 577 79, 219 78, 221 Commercial paper bought in open market 456, 635 389, 560 375, 501 248, 609 227, 574 290, 822 499, 280 500, 599 Loans to banks—O A n ll s o e t c h u e r r ities \ 547,795 537, 501 548,152 670, 277 640, 301 714, 076 2 26 0 0, 0 ,1 9 2 5 4 7 2 3 3 0 0 5 , , 1 1 6 4 6 1 Loans on securities, exclusive of loans to banks—Total 8, 544, 656 9, 902, 856 9, 418, 942 9, 758, 885 9, 993, 767 10,147, 866 10,073, 809 10,425, 353 To brokers and dealers in New York 1, 899,143 2, 555, 786 1, 879, 477 2, 024, 592 1, 884, 886 1, 660,150 2, 344, 242 2, 364, 735 To brokers and dealers elsewhere 849, 509 974, 566 1, 013, 679 921, 488 939,068 802, 715 700, 053 818, 834 Toothers 5, 796, 004 6, 372, 504 6, 525, 786 6, 812, 805 7,169, 813 7, 685, 001 7,023, 514 7, 241, 784 Real estate loans—On farm land 420, 687 411, 567 403, 475 413, 988 392, 076 387, 714 394,117 386, 036 On other real estate 2, 667, 502 2, 710, 866 2, 719, 657 2, 750, 438 2, 760, 422 2, 803, 281 2, 775, 673 2, 769, 262 All other loans (including overdrafts) 11, 506, 758 10, 990, 735 11, 240, 459 11, 618, 300 11, 988,021 11, 514, 775 10, 595, 089 10, 349, 314 Loans eligible for rediscount with Federal reserve banks 4, 368, 094 4,160, 436 4, 343, 404 4, 389, 853 4, 598, 240 4. 396, 904 4, 204, 395 3, 904, 968 United States Government securities—Total J, 385,830^ 4,311,790 4,154,929 4,021,636 3,863,968 4,085,006 4^061,395 Bonds 3,1)77,936 3,028,095 3,121, 552 "3, 004, 836 2,992,184 3,094, 275 "3,287,968" 3,339,834 Treasury notes 778, 646 729, 427 804, 739 703, 641 664, 821 519, 983 524, 452 462, 924 Certificates of indebtedness 415, 395 471, 852 455, 821 339, 456 251, 392 151, 659 234, 543 254,404 All other 113, 853 82, 416 71, 841 106, 996 113, 239 97, 051 38, 043 4,233 Other securities—Total J, 318,145_ 6,216,890 5,994,432 _5»897_»j>4L 5,737,306 I 5,920,921 5,851,908 6,380,494 Domestic securities—'Total - 5, 522, "470 5; 533,129 "5, 341, 637 5, 26~2, 502 5,114, 902 j5, 292,123 5, 242,297 _5, 69JU850 State, county, and municipal bonds 1, 224, 894 1, 221, 910 1,168, 501" 1,144, 362 I1,116, 276 1, 224, 030 1,168, 275 " 1,232,040 Railroad bonds 878, 559 895, 759 863, 345 831,913 787,134 785, 867 781, 471 914, 037 Other public service corporation bonds 1, 002, 432 985, 360 958,194 931,938 902, 704 905, 606 980, 210 1, 047, 687 All other bonds 1, 469, 339 1, 417, 256 1, 339, 802 1, 316, 859 1, 227, 883 1, 253, 469 1, 222, 847 1, 340, 789 Stock of Federal reserve banks 145,146 146,113 153, 834 158, 290 166, 686 170, 517 173, 384 169, 505 Stock of other corporations 403, 535 435, 735 438, 750 469, 314 503, 848 558, 794 527, 917 565, 417 Collateral trust and other corporation notes 175, 420 199, 412 181, 969 168, 720 154, 060 166, 049 164, 214 180, 930 W Municipal warrants . _ 117,396 146, 929 149, 593 150, 681 169,501 168, 947 163,434 170,575 d Allother 105, 749 84, 655 _87, 643 90, 425 80/7_50_ 58, 844 60, 545 _70j_864 F Fore G ig o n v e se rn c m ur e it n ie t s b — on T d o s tal _ "1 69 3 5 4 _ 9 L 7 6_ 8 7 9 5 6 _ " ""6 3 8 4 3 3 , , 2 7 0 6 0 1 3 6 1 5 9, 2 /7 2 9 3 5 9 ^ " 6 3 3 0 5, 8 7 0 77 3 3 9 3 6 0 1 3 2 , , 4 4 0 0 7 4 " 0 3 2 0 8, 4 ,1 7 2 9 3 8 6 2 0 8 9 0 , , 8 61 3 1 5 3 0 4 8 6 8 , , 6 2 4 1 4 9 F Other foreign securities 345, 779 340, 561 333, 556 326, 266 308, 997 324, 075 328, 776 342, 425 | Demand deposits—Total 17,501,430 i 18,903,658 17,708,269 17,814,603 17,937,478 18,861,583 17,078,905 18,061,977 Individual deposits subject to check 15, 726, 877 16, 996, 605 15, 840," 108 lf>7 742, 528" 16,1677047' 16, 935, 643 "1571947883' 15, 930, 369 Certificates of deposit 230, 445 234, 763 207, 050 200, 986 188, 152 201, 671 182, 828 198,041 State, county, and municipal deposits 1, 243,108 1, 299, 835 1, 384, 876 1, 511, 706 1, 224, 375 1, 335, 485 1, 446, 366 1, 568, 470 Allother 301, 000 372,455 j 276, 235 359, 383 357, 904 388,783 254, 828 305, 097 Net demand deposits 18, 995, 084 1 19, 943, 583 | 18, 833,161 | 18, 977, 213 18, 951, 000 19, 797, 028 18, 488, 669 19,170, 357 Time deposits—Total __. 13,409,608 j13,453,311 13,328,712 13,317,649 13,333,481 13,518,731 U, 811,978 States, counties, and municipalities 404,912 418, 257 429, 265 ' 476, 554 49l7095 "5947896" 535, 564 " "570,079 B Ba a n n k k s s i i n n f U or n e i i t g e n d c S o t u a n te tr s ie .. s \ 134,166 124, 262 113,443 7 7 9 7 , , 5 8 0 9 8 4 1 11 1 1 2 , ,4 1 0 4 5 8 15 9 4 5 , ,1 0 7 0 0 9 1 1 0 7 2 5 , , 5 7 2 9 9 3 2 1 2 1 4 1 , , 1 8 1 2 4 9 Other time deposits—Evidenced by savings pass books 9, 702, 703 9, 809, 851 9, 728,154 9, 834, 363 9, 603, 720 9, 592, 096 9, 626,033 9, 677, 521 Certificates of deposit 1, 882, 008 1, 895, 223 1,831,666 1, 745,134 1, 743, 212 1, 740, 944 1,811,315 1,861,504 Open accounts, Christmas savings accounts, etc 1,169, 220 1, 071, 463 1,110,132 996, 976 1, 136, 043 933,902 1,139, 518 1, 232, 679 Postal savings 116, 599 134, 255 116, 052 114,637 120, 026 122, 464 127, 979 133, 652 Bills payable and rediscounts—Total 1,153,916 1,162,178_ 1,153,035 1,198,366 1,149,898 _878,533 346,591 434,970 With Federal reserve banks—Bills payable 813, 036 •""8237403 "701,755 738, 768 583, 665 453,571 105, 209 1477826 Rediscounts 206, 753 217, 205 219, 679 290, 623 315, 040 192, 760 100, 915 126, 054 All other—Bills payable 116, 260 102, 243 148, 504 149, 576 226, 742 214, 209 134, 761 155,189 Rediscounts 17, 867 19, 327 23, 097 19, 399 23, 845 17, 979 5,706 5, 901 1 Corresponding classifications not available prior to October, 1928. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL AND STATE MEMBERS CONDITION ON JUNE 30, 1030, BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks State bank members Other [ Central reserve ; Country reserve city : banks city banks : banks Loans (including overdrafts) 25,213,770, 8,078,744 8 10,339,554 457, 085 2, 224. 667 United States Government securities 4,061,395! 1,307,367 1, 1,313,047 437,448! 212,878 Other securities 6, 380, 494|1,260,997 1 2, 253, 685 788,322! 719,480 Total loans and investments 35, 655, 65910,647,108 1! 13, 906,286 682, 855 3,157,025 Customers' liability on account of acceptances. 928, 807 695, 960 419, 380 53,011 4,689 Banking house, furniture, and fixtures. 1, 217, 963 246, 004 430,653 166, 848 122,430 Other real estate owned. 190. 995j 10,864 66,425 36, 056 24, 647 Cash in vault 484^ 262, 67,689 144,175 50,101 55, 227 Reserve with Federal reserve banks 2. 407. 960 456 986, 284 276, 202 148,159 Items with Federal reserve banks in process of collection. 334, 835 511,958 324,513 117,405 40, 823 Due from banks in United States 132, 888 744, 406 615,971 294, 048 151,046 Due from banks in foreign countries (including own branches) 54, 687 177,105 43. 688 7,479 1,188 H Exchanges for clearing house and other checks on local banks 341,996 225, 2621 1,419,795 102, 27, 217 Outside checks and other cash items 60,699 70,912! 47, 640 22, 645 5, 712 Redemption fund and due from United States Treasurer 7, 630 32, 658 F Acceptances of other banks and bills of exchange or drafts sold with indorsement l,280'i 244,100 40, 879' 313, 648 Securities box rowed 11,880,! 17,596! 9,568: 8,728 Other assets 53, 084 ( 115,971 34, 334 i 47,158 107,143' 02 Total .__ 47, 906, 740 16,309, 266 1 608, 081 15,989,393, 29, 072, 411 7,121,985-9, 721, 745 12, 228, 681 18, 834, 329 9,187, 281 5, 886,336|3, 760, 712 H Capital stock paid in 861,187 996, 868 1,740, 549 411,332 554, 058• 775,159 981,448 452, 610 307,129 221, 709 W S U u n r d p i l v u i s ded profits—net 8 24 6 9 7 , ,0 8 6 0 1 1 3 8 4 7 8 4 , , 3 1 8 3 0 4 ! ! 1, 5 5 4 8 5 9 , , 2 2 2 8 7 2 4 1 7 24 7 , , 7 3 8( 9 i 5 | 4 14 5 6 7 , , 9 6 4 5 1 6 ; 6 27 5 3 3 , , 9 7 4 8 6 5 1, 4 2 0 8 4 1 , , 8 5 4 1 5 8 2 65 2 2 7 , , 1 2 0 1 5 0 4 1 0 0 9 3 , , 1 14 2 5 0 2 7 2 4 0 , , 1 5 8 9 8 5 d Reserves for dividends, contingencies, etc 59,528 55,296' 94, 628 25, 573i 32, 537' 36, 518 88,312 42, 543 26,991 18,778 Reserves for interest, taxes, and other expenses accrued and unpaid- 48, 994 39,517' 79, 031 i I 22, 660! 30, 7911 25, 580 69, 929 37, 789 18, 203 13,937 Due to Federal reserve banks. 7, 605 38, 497! 32,6591 1011 6, 077 i 26,481 13, 547 1, 528 12,016 i H3 Due to other banks in United States. 1, 774, 397 376, 012 2, 365, 6881 751,5751,318,823: 295, 290 1,465,968, 929, 672i 455,574 80, 722 Due to banks in foreign countries (including own branches) 54, 407 2,719, 338. 005! 293,3181 42, 596, 2,091 233,761 i221, 322 11,811 628 ! 2 Certified and officers' checks outstanding 151,860 97,914' 720,399! 555, 50fi 92,761, 72,132 , 773, 03811688,157 59, 099 25, 782 Cash letters of credit and travelers' checks outstanding 10, 366 1, 074 i 17,180J 6, 775 j 9, 867' 538! 24, 209 23,174 499 536 Demand deposits. 5, 696, 889 5, 590, 710:10,911,772299 960, 608 3,699, 555: 4,251,566 7,150, 248; 38,13, 770 1,997,334 1339,144 Time deposits 5, 047, 89416, 701, 074: 8,736,147 858,132 2,794, 237 5,083,7781, 5.075,831 1,204, 878 2,253,657 1617, 296 United States deposits 142,102i 50, 547 170,299! 31,489! 100,500, 38,3101 110,470 56,631 41,602 12, 237 Agreements to repurchase U. S. Government or other securities sold.. 19,993 6, 718 8,173 3, 473 4, 700 28,9911 10,453 16, 520 2,018 Bills payable and rediscounts: With Federal reserve banks 104,600,' 43,348 Allother 101,337! 72,300 Acceptances of other banks and bills of exchange or drafts sold with indorsement 557, 748 76, 573 1,280, 244, lOOJ 202, 033 313, 648ji 277,862 Acceptances executed for customers. 925, 576 225,12.' 10,332; 511,007 ;l, 546 414, 569 j I 356,573| Acceptances executed by other banks for account of reporting banks 34,998|! 7,713 1, 433 15, 538 9, (570 19, 4601 j 16,182 National-bank notes outstanding 649, 098,' 151, 656 456, 451 !| 649,098 40,991 456,451 Securities borrowed 26,324, i 14, 443 11, 880' 1 17, 596' 8, 028 I 8, 72811 1 Other liabilities 226,915' 79, 908 69, 840' 1 57, 043 13, 952 169, 872 | 60, 698 Total ]47,906,740;i6,309,26615, 608, 081.15, 989, 393; 129, 072, 411 7,121,985j9, 721, 745.12, 228, 681 18, 834, 329 9,187, 281 5, 886,336 3,760, 712 Number of banks. Member banks only, i.e., exclusive of national banks in Alaska and Hawaii Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
NATIONAL AND STATE MEMBERS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON JUNE 30, 1930 [Amounts in thousands of dollars] All member banks National banks * State bank members j Central Other Central Other I Central Other Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry Total re c s i e t r y ve re c s i e t r y ve C b o a u n n k t s ry To,,, jj™ re c s i e t r y ve banks banks banks banks ij banks banks Loans—Total _ _._ 25,213,770 JM78,744 8,_53V>60 MJ 14, 874,216 !,420,942 075,475|6,377,799 10,339,554,4,657,802 3,457,085 2,! Acceptances payable in United States 169, 678 I 145, 335 16,693 •"'"84, 285 65,669 ll7048|"" " 7,568 85, 393 ""79,660! 5,645 Bills, acceptances, etc., payable in foreign countries 7708 , O2O211 A4 8il, O277*f;! 25, 564 58,333 33, 553 20, 521 4, 259 19,888 14, 723! 5, 043 Commercial paper bought in open market 500, 599 91, 321 238, 286 373, 805 47, 657 186,998 139, 150 126, 794 43, 664 51, 288 Loans to banks—On securities 230,160 120,472 99, 085 141,177 57, 754 75,134 8,289 88, 989' 62, 7181 23, 951 All other 305, 141 | 124^)76 128, 464 197, 728 60, 205 _ 91,-666 45, 857 107, 413 6644,.7777111 _36,_7! Loans on securities, exclusive of loans to banks—Total 10^42-5,353 !i_721,44_5 3,347.918 M74,"i79 U_950,JJll 859,_705 4, 951,174 "77079341^488^213 To brokers and dealers in New York "2736477351 iI, 982", 286 "253, 098 1, 052, 427 809, 141 "158, 2~18 85,068! l 312, 308 173,145 94,880 To brokers and dealers elsewhere 818,834M 297,355 431,364 393, 161 81, 396 246,802 64,963 425, 673 215, 9591 184, 562 A R l e l a o l T - t e o h s e t o r a t t h l e o e a l r o n s a . s _ n ( s i — nc O O lu n n d i o f n a t g r h m e o r v l r a e e n r a d d l r a e f s t t s a ) te 10 2 7 . , , 3 3 7 2 4 8 4 6 9 1 6 9 , , , , 0 3 7 2 3 1 8 6 4 6 4 2 1 2 2 . , 6 1 4 7 5 4 4 0 1 , . , 3 7 8 4 1 0 1 1 4 1 3 2 " , , , 1 1 3 6 7 1 9 6 1 4 0 3 . , , ,4 2 9 2 5 7 9 8 6 1 2 2 1 4 , ', 4 7 1 , , , 0 0 2 1 2 7 9 7 8 7 6 0 , , , ^ , ) 2 7 6 9 7 9 3 1 7 8 4 , 1 ! 1 ' L I. L 1 0 8 1 5 7 7 9 , , i9 3 2 9 7 8 7 4 4 3 0 0 " 4 2 5 5 1 3 8 4 4 3 3 ,_ . , , 1 1 0 6 8 2 9 8 8 3 2 5 3 1 , 5 2 6 6 2 1 1 7 0 3 3 5 , , , . 1 9 1 4 2 3 5 3 8 2 0 f i ! i 3 1 _ 5 2 2 ; 8 9 7 1 8 3 9 2 , , 7 , _ 2 0 1 6 3 3 9 2 9 6 3 8 | 381, 830 1, 208, 771 Loans eligible for rediscount with Federal reserve banks | 3.904. 908 ! 1. 010, 250) 1. 274. 966 1, 619. 7522. 718, 792| 416,831 939, 051 jl, 362,910J | 1, 186,176 United States Government securities—Total— 4, (Mil, 3951^307^367 U ,228,732 2,748,348; 644,646 1,087,8481,015,854JL1!313,04_7| 662,721 437,448 212,878 Bonds _ "3,339, 8341,087,663 1, 218, 5f46 1,.033, 025 "2,3047733; 555774? 880,577 868,' 035,101 i 53179IO 337, 969 165, 216 Treasury notes 462, 924 103, 775 201, 707 157, 442 303, 762, 65, 927 121, 225 116,610 159,162 37, 848 80, 482 40, 832 Certificates of indebtedness 254, 404 115,429 102,719 36, 250 137, 339; 22, 972 84, 359! 30, 008 117,0651 92, 457 18, 360 6,248 Allother 4, 233 500 2,324 1, 409 2, 5141 1, 687 827 1, 719; 500 637 582 Other securities—Total j 6,380,494 1^260,J97 1,793,939 3,325,558 4,126,809 515,114 1^005,61712,606,078 1 2,253,685, 745,883 Domestic securities—Total j 5,691,850, 1,142,03" 55 1,7O29, 490 2, 920,319 3, 599, 2641 443,1917_899, _"'" ' 2,0927580, 69M44 State, county, and municipal bonds.._ | 1,232,040 ~21~3,"82? 449,358 7 789, 338' 60, 202 285,7582 443,554 442, 702i 153, 625 163, 776 Railroad bonds , 914,037; 198, 083 206, 438 509, 516 660, 138' 127, 442 128, 447 404, 249 253,899! 70, 641 77, 991 O ther public-service corporation bonds ; 1,047,687 106, 590 230, 503 710, 594 783, 233' 51,860 141, 5101 589, 857 264, 454! 54, 730 88, 987 All other bonds J 1,340,789 243, 234 342, 309 755, 246 889, 399' 90, 175 188.858 610, 366 451,390'i 153, 05G 153, 451 Stock of Federal reserve banks : 169,505 60, 077| 52, 501 56, 927 100, 780 i 26, 712 30, 44S! 43, 620 68, 725! 33, 365 22, 053 Stock of other corporations I 565, 417; 168, 948 227, 380 169, 089 111,132 25, 732 48, 104' 37, 230 454, 285' 143,216 179, 216 Collateral trust and other corporation notes ! 180,936. 45, 247 74, 742 60, 94" 122, 543 i 25, 820 44, 044 52, 679 58, 393; 19, 427 30, 698 Municipal warrants J 170, 5751 78, 769 30, 308 61,498 103, 496, 29, 464 23, 987 50, 045 67, 079; 49, 305 6, 321 Allother I 70, 864 j 27, 260 15, 957 27, 64^ 39, 205: __ 5, 784 __ 8,054 25, 367 31, 659, 21,476 _71903 Foreign securities—Total _J^§\i44' 118,962 164, 443 405, 239 _ 527, 545; 71, 923 J067517 73497IO5 _161,_099' "47,039 57,9726 Government bonds 346~, 219! 63, 537 84,997 "197, C8> 267', 718' "37,421 " "59, 978 170,319' "78, 501! "'25, 019 Other foreign securities | 342.4251 55, 425 79. 446 207, 554 259, 827; 34, 502 46. 539 178,7861 82, 598; 32, 907 Demand deposits—Total 18^061,977 j6,774,378)5,696,889 5,:590,71010,911,729 2,960,608 376997555J4,251,566j| 7,150^248, Individual deposits subject to check ' 15,9307369'| 6, 3i9,"97f> 5,Tl4~ ,495,793 9, 443, 866:2, 738, 504 3, 312, 929 3, 392,433ji 6,486, 503'3, 581, Certificates of deposit I 198,041! 33,524 43, 120, 5V 142, 861! 19,426 26,628 96,807 55, 180 14, 098 17,315 State, county, and municipal deposits \ 1,568,470, 177,744 469,958 920, 768 1, 151, 439i 93,454 326,001 731,984 55, 180 84, 290 143, 957 Allother . 365,097i| 243,134 68,388 53, 575 173, 5631 109,224 33,997 30,342 417,031 133.910 34, 391 191,534: Net demand deposits ! 19,170, 357jj7. 379. 050J6. 140, 653 5. 650,65411,025,158;3, 277, 845 . 048, 60014, 298. 713j| 7, 545. 199 14. 101, Time deposits—Total 13,811,9781'^063,010 5,047,8 858,132 2~ ||5v075,831 i 1,204, States, counties, and municipalities 570,679! 1067009! 319,579 145,091 92~409 225, 009 117,602' " 135,059: Banks in United States 111,829 65, 990 38, 400 7,439 51, 00: 31,133 6, 265 23, 424i Banks in foreign countries 224,114 205, 564 17,879 671 96, 846 17, 829 671 108, 768| Other time deposits— ! Evidenced by savings passbooks 9,677,521 808, 690j3, 773,169 095, 662 265, 302 2,025, 908 53, ,769, 302J 3,617,009': Certificates of deposit l,861,504J 169,177! ' 478, 376 1, 213, 951 63, 090 277, """ L', 013, 622 507,672ii Open accounts, Christmas savings accounts, etc ' 1, 232,6791 687, 037J 378,469 167,173 280, 240 182, 306 112,011! 658, 062! I Postal savings ! 133.652J. 20, 5431 42.022 71, 9, 238 34, 272 64, 305! 25,837! 1 Bills payable and rediscounts—Total i 434,970 _115,674i JJM79 258,717 _229,033 26 27,045 201,9621 j 205,937 115,648 56,755 With Federal reserve banks—Bills payable j 147,826 42,100 28, 243 77,483 72,105! "13,139 587 9661 " 75, 721 i I 42,100 18," 517 Rediscounts ! 126,054 1,248 13, 644 111, 162 97,175: 7, 425 89, 750, 28, 879:1 1,248 21,412 All other—Bills payable 155,189 72,300 17, 905 64, 984 54, 972' 5, 694 49, 278 100, 217; i 72,300 15, 706 Rediscounts I 5,90l! 261 787 5,088 4, 781S 26 787 3, 968! 1,120! 1,120 1 Member banks only; i. e., exclusive of national banks in Alaska and Hawaii. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON JUNE 30, 1930, MARCH 27, i930, AND JUNE 29, 1929, BY CLASSES OF BANKS [Amounts in thousands of dollars] Central reserve city banks Othor reserve city banks Country banks New York ! Chicago j June 30, Mar. 27, Juno 29, i June SO, i Mar. 27, i June 29, June 30, Mar. 27, I June 29, June 30, I Mar. 27, I June 29, | 1930 1930 1929 1930 1930 1929 1930 1930 ! 1929 1930 i 1930 • 1929 RESOURCES I Loans (including overdrafts) ! 6, 595, 530 6,192, 326, 6,340,793,1 483, 214 1.106, 38511 433, 267 532, 566 8, 752,478 8,788,569 8, United States Government securities [ 1, 146, 913|1, 149, 559,1,006,224, 160,454i 146, 092| 158, 582 525, 296 1,515,916' 1,606,514 1, Other securities ; 1,055,8571 896, 521 812, 507' 205,1401 164, 126 175,579 _,793,939 1, 589, 5151 1,669,921; 3, Total loans and investments ., 8, 798, 300; 8,238,406! 8,159,524 1848,8081, 716,6031, 767, 428 118,51,795;11,857,909 12,065,004113, Customers' liability on account of acceptances ' 634, 683 759,118; 590, 8451 61,2771 ' 76, 196 j 39, 770 221, 143| 260, 069i 161, 5791 B O a th n e k r i n r g ea h l o e u s s ta e t , e f u o r w n n it e u d r e, and fixtures : i 20 1 4, 0 ,3 6 4 0 7 7 196 9, , 0 4 1 7 9 9 ! , 182 2, , 9 75 4 0 8 , ! 41, 397, 39, 4 5. 3 1 5 9 37, 4 2 ' 44 43 6 6 8 , , 0 2 5 2 3 7 i ] 43 6 3 6 , , 09 49 4 3 ! , 42 6 2 2 . . 4 0 3 3 4 5 ' Cash in vault 57,777 63,156: 57,457! 9,912; 9,252 10,414 136,288 137,954 124, 272 Reserve with Federal reserve banks ! 814, 278 792, 6131 783, 866 177,178! 171, C 164, 314. 787, 435 771,613! 772, 227 Items with Federal reserve banks in process of collection | 336, 270 244, 9411 222, 722, 33,437! 34,010 42, 149 334,835 337,127j 385,102 Due from banks in United States ; 156, 186 112, 352' 156,599' 150, 653 122, 883 135, 748 132, 888 849, 396i 801, 002 Due from banks in foreign countries ("including own branches) ! 157, 108 152, 512j 185, 216! 5, 566 39, 286 34, 12' 54, 687 52,160j 49,144 Exchanges for clearing house and other checks on local banks ' 2,143, 690 1, 302, 362, 953, 580 70, 7001 51, 890 81,885 341, 996 212, 775; 319, "~~ Outside checks and other cash items ! 23, 477, 8,100, 12, 868 4, 501! 3, 570 6,160 60, 699 33, 716 67, 970 Redemption fund and due from United States Treasurer I 1, 750 1, 746! 1, 705 310| 310 310 7, 6S0 7, 793 7,836 Acceptances of other banks and bills of exchange or drafts sold with ! indorsement I 438, 952 505, 253 i 396, 004 40, 943 40, 304| 2,989 76, 573 C)5, 195 K S O e t c h u e r r i t a i s e s s e b ts o rrowed I !. 77, 672i i 87, 684 i i 86, 30 9 0 8,969 1 7,467 -I- ~~~8~620 8 1 3 4 , , 3 4 8 4 9 3 8 1 7 4 , , 0 4 6 2 6 0 Total |13, 83/3, 097,12, 473, 741-11, 792, 393 2,454,169 2, 313, 723:2,331,029 15,608,08115,186, 780 15,405, 450 15, 989, 393 15, 886,135! 16, 379,129 LIABILITIES Capital stock paid in 714,192', 734, 381 667, 510 149, 750 149,100 146, 250 801, 187| 996, 135 990,910 Surplus _ 007,435! 1,023,6151 861, 615 122, 170 121, 163 122, 300 867, 06.11 870, 402 839, 737 Undivided profits—net .... _ .. 326, 908' 298,071) 268, 70(j 24, 983 26, 214 22, 706 249,801 374, 789 344,685 Reserves for dividends, contingencies, etc 47, 0201 53, 258J 43,809 21, 096 24, 474 23, 59, 5281 44,476 44, 577 Reserves for interest, taxes, and other expenses accrued and unpaid . 40, 388i 44, 155] 48, 894 20, 061 17, 818 15, 577 48, 994! 46, 587 37, 985 Due to Federal reserve banks 104| 1 7, 605 42, 39, 253 Due to other banks in United States 310,904! 959, 3921 1, 018, 650 370, 3431 337, 732! 313, 696 1, 774, 397 364, 676| 349, 901 Due to banks in foreign countries (including own brandies). 492, 926 416,0741 406, 094 21, 714 26, 642 9, 036 54,407| 2, 741| 4, 249 Certified and officers' checks outstanding .217,4351 928, 885J 482, 179 26, 228 20, 538 18, 077 151,860! 73, 9101 103, 279 Cash letters of credit and travelers' checks outstanding 27, 139j 15,872 28, 443 2, 810 1, 9811 3, 201 10, 366! 720! 686 T A U D i g n e m r m i e t e e e a d m d n d e S e p n t d o a t e s s t p i e t t s o s o s d i r e t e s p p o u s r i c t h s ase U. S. Government or other securities sold.. 5 72 6 7 5 1 4 . 9 , 0 , , 7 4 3 l 1 5 f 2 4 i 3 - : 4 i ; j | 4 1 , , 4 9 0 9 3 8 0 7 1 1 , , , , 5 3 5 4 3 8 5 3 1 0 2 4 5 1 , , 2 17 1 7 3 9 3 2 8 , , , , 8 2 4 0 6 8 5 4 0 1 4 / 0 4 4 98 8 8 , , , 6 6 0 6 8 5 6 4 51 ! | ] 1, 4 0 3 0 3 2 7 , , , 6 3 3 7 1 9 6 4 6 , 4 4 2 0 3 3 0 5 , , , 7 , 7 6 7 1 3 9 5 6 3 8 0 1 5 5 , , 0 6 1 4 9 4 1 7 6 2 , , 9 , , 9 8 8 1 9 9 8 0 3 9 4 2 ! ! j 6 5, , 6 54 6 6 0 7 6 7 , . , , 0 2 2 2 5 6 61 8 7 7 4' i : j i 6 5, , 8 75 1 6 1 9 4 6 , 2 . , , 9 5 3 3 2 7 8 0 1 2 1 7 Bills payable and rediscounts: With Federal reserve banks 43, 34s| 2, 715 330, 056 50 51, 475 41,88' 32, 8591 329, 2861 318, 574 All other 72, 320i 36, 775 29, 938 2, 250 1,500 18, 692 35,943 30,361 107, 176 Acceptances of other banks and bills of exchange or drafts sold with indorsement .. 438, 952'i 505, 253 3lJ6, 004 40, 943i 40, 304 2, 989 76, 573 j 54, 173 1,441: 660 Acceptances executed for customers - ....... 626, 989! 767, 901 590, 607 63, 130; 77, 454 40, 060 225, 125 1(50,715 14,673! 9, 041 Acceptances executed by other banks for account of reporting banks.. 25,589! 15,216 24, 203 263 228 404 7, 7i:V, 16, 236 1,391: 1, 232 S N e a c t u io ri n ti a e l s - b b a o n r k r o n w o e t d es outstanding..... . - 34, 7911 34,660 33, 92 9 6 6. 20 I 0 I | - 6, 200 (i, 198 15 14 1 , , 6 4 5 4 6 3 ; j 15 2 4 3 , , 3 0 7 1 2 3, 45 1 5 1 , , 3 1 2 9 4 7 '; , 45 1 4, 3 ,3 4 1 4 5 8 Other liabilities. 58, 109 28, 172! 18, 189 28, 323 79, 908 85,444 73, 553. 66, 240 48,995; 66,588 ._ 1 _. Total ._.... . 11, 792, 393|2, 454, 169]2, 313, 722,3 331, 029; 15, ('OS, 081] 15, 186, 780J15, 405, 45O'l5, 989, 393(15, 886, 135-16, 379, 129 \, 855, 097)12,473, 741 Number of banks _ _. 430| 7,817 8, 142 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS BY CLASSES OF BANKS O [Amounts in thousands of dollars] Central reserve city banks Other reserve city banks Country banks New York Chicago June 30, Mar. 27, June 29, June 30, Mar. 27, June 29, June 30, Mar. 27, June 29, June 30, Mar. 27, June 29, 1930 1930 1929 1930 1930 1929 1930 1930 1929 1930 1930 1929 Loans—Total 6,595,530 6,192,326^6,340,793 |1, 1,406,385 8,532,560 8^752,4_78_ 8,j>02,466 9,095,863 Acceptances payable in United States 143,756 89,081 57, 524 3,452" 729 16,693 5"5,38l" 16, 320 7,650 33,420 Bills, acceptances, etc., payable in foreign countries 29,127 40,298 58,046 10,546 3,474 25,564 24,157 21,856 4,381 6,625 Commercial paper bought in open market. 35,455 49,438 20,629 33, 334 5,672 238,286 209,135 82, 659 170,992 139,649 Loans to banks— A O l n lo s t e h c e u r rities 1 7 1 7 7 , , 7 9 2 1 6 1 10 91 7 , ,3 8 0 1 3 4 313,843 50 7 , , 8 3 3 7 8 3 66,504 99, 085 1 1 0 0 4 0 , , 6 2 0 1 7 4 241,031 5 1 1 0 , , 7 6 0 0 1 9 !" 48,899 J^oans on securities, exclusive of loans to banks—Total 3z_9051525_3,411,727 j 3, 236,150 808,368^ 5 3734779I8"" 2,355j_990_ 2,448,649 | 2,455,053 To brokers and dealers in New York 17882,787 1,476,596 i 1,358, 951" 1407362" 253,098 468,957 301,"830 129,351 258, 327 I 316,266 To brokers and dealers elsewhere 68,407 59,602 I 63,294 193,599 47," 545 431, 364 359, 794 511,463 90,115 93,058 ! 104,803 To others... 1,954,331 1,875,529 !l, 813, 905 i 474,407 J 2 8 4 4 1 , , J 9 9 2 9 8 2, 576,314_ 2, 480, 417 2J36,_524_ 2,097,264 j 2,033,984 R A e ll a o l t e h s e ta r t l e o a lo n a s n s ( — inc O O lu n n d f i o n a t r h g m e o r v l r a e e n r a d d l r a e f s t t s a ) te 2,1 1 2 5 9 6 , , 7 2 6 3 2 6 5 9 2,2 1 5 50 2 , " 3 0 3 0 2 3 7 2 6 " I ! '2 " ,4 1 7 7 9 1 3 7 , , 9 0 5 3 8 8 3 8 0 [ i | 4 1 7 8 1 2 , , , 9 3 2 1 0 5 4 2 8 5 2 5 2 2 8 , , , 1 0 7 3 5 3 1 2 3 3 1 , , 1 3 1 7 9 10 1 4 7 , , 9 2 2 9 8 7 1 2 7" 33 1 , , " 3 4 3 1 2 1 2 1 9 1 9 2 , , , 1 99 7 7 99 4 9 6 4 9 J3 1 3 , , 3 1 66 5 1 55 9 9 33 , , , 2 9 88 4 0 55 0 3 00 ! ! !4 l, , 5 2 2 2 0 7 6 0 3 , , , 6 6 8 3 1 9 9 2 2 4 1 , , 5 1 27 4 9 9 0 5 , , " , 7 9 1 6 3 2 6 2 3 4 1 , , 1 2 9 9 9 2 5 1 5 , , , 3 1 7 1 1 8 6 6 4 Loans eligible for rediscount with Federal reserve banks 784, 564 970,207 11,007,144 i 225,686 223,491 236,167 1,274,96~6 11,348, 738Tl, 445,177 jl, 619, 752 jl, 661,959 1, 773, 365 United States Government securities—Total 1,149,559 J 1,006,224 160,454 146,092 J_58,_582_ , 525,296 j 1 ,J>15,J)16M06,514^' 1,228,732^! 1 1,383,609 Bonds 958,833 947,060 "7347276 128,830 Tf9,"3T6 118,646 1,218,546 1,200,857 1,147,940 1,033,625 020,681 "i, 003, 974 Treasury notes 77,448 153,296 213,875 20,327 16,990 35, 232 201,707 179,176 234,256 157,442 174,990 220, 278 Certificates of indebtedness 110,632 49,109 57,102 4,797 7,750 2,325 102, 719 117,274 159, 913 36,256 60,410 120,116 All other 94 I 971 500 1,982 2,379 2,324 18, 609 64,405 1,409 17,358 39, 241 Other securities—Total 1,055,857 896, 521 812,507 205,140 164,126 1, 793,939 1,589,515 1,669,921 3,325,558 3,201,746 3,239,534 Domestic securities—Total J)55, 658_ 827, 080" 737, 344 "186,377" 147,302 _168"725<[ 1,629,496 l", 454, 262 17525, 5182, 920,319" ,813,653 2,831,381 State, county, and municipal bonds ~1837639 176, 634 118,318 30,188 23,747 "4"2,"044 449,358 417,029 422,437'! 568,855 550,865 56T7563 Railroad bonds 187,550 142,098 152,009 10,533 10, 701 11,412 206,438 160,493 180,427I 509,516 468,179 488,065 Other public-service corporation bonds 87,994 70,603 06,424 18,596 14,374 12,199 230,503 200,734 187,324• 410,594 694,499 665, 991 All other bonds 214,105 171,515 153, 355 29,129 14,894 21,797 342,309 303,719 374,388 755,246 732,719 767,319 Stock of Federal reserve banks 51, 945 56,348 45,414 8,132 8,113 8,001 52, 501 52,411 49,664 I 56,927 56,512 55,211 Stock of other corporations 163,834 154,907 125,894 5,114 5,071 6,790 227,380 217, 507 202,324 i 169,089 150,432 134,306 M Co u l n la i t c e i r p a a l l t w ru a s r t r a a n n t d s other corporation notes_._ 4 8 3, , 5 3 9 7 4 9 37 7 , , 2 9 5 0 1 9 3 1 9 0 , , 4 1 2 2 0 9 70 1, , 6 3 5 9 3 0 50 3 , , 5 9 3 7 2 0 51, 2 74 4 1 9 7 3 4 0 , , 7 3 4 0 2 8 6 2 4 4 , , 4 4 3 9 1 0 6 2 3 8 , , 5 3 8 1 5 8 I I 6 6 0 1 , , 9 4 4 9 7 8 5 7 9 4 , , 0 0 0 6 0 5 6 60 4 , , 9 9 7 8 4 5 I Allother ._. _ I4'-*518 _ 9,815 26,381 12,642 __9, 900 14,026 15,957 _13,448 17,051 I 27,647 32,967 Foreign securities—Total 100,199 _69,441_ 375,163" _16",82T 7,320 164,443 T35,25jT "l 44,403 [3887093 408,153 G O o th v e e r r n fo m re e i n g t n b s o e n c d u s rities. ~"5 4 l 8 7 , 6 5 8 1 8 1 ~ 2 39 9 , 7 9 5 0 4 1 0 ~ 3 3 7 7 , , 8 3 4 2 0 3 1 6 1 , , 8 9 4 1 9 4 " 1 " 2 4 , , 4 4 2 0 0 4 4 2 , , 3 9 2 9 8 2 ~~ 7 8 9 4 , 7 4 9 4 9 6 f 6 74 0 , , 7 5 3 1 4 9 "6 7 5 8, , 4 9 6 3 4 9i j "1 2 9 0 7 7 7 , 6 5 8 5 5 4 "' 2 1 0 8 1 6 , , 7 3 2 7 1 2 2 20 0 5 2 , , 6 4 7 7 6 7 3 Demand deposits—Total _ 4,987,434 j5,,179,045 ,048,664 1,002,314 1,057, 98115^696,889 15,548,543 i,818,270 5,590,710 5,540,614 5, 759,307 Individual deposits subject to check ,330,604 4,7607080 4,797,527 989,372 '" "969,162"974,568 5,114, 600 4,"983, 565" ",173,572 4,482, 076 4,796,861 Certificates of deposit 30,813 22,638 27, 654 2,711 3,216 3,219 43,943 36,115 ! 37, 818 120,574 120,859 132, 295 State, county, and municipal deposits.. 123,257 60, 926 143,895 54, 487 26, 977 73,319 469,958 474,875 ! 523,813 920,768 883,588 770, 679 All other 241,040 143, 790 209, 969 2,094 2, 959 6,875 68,388 53,988 , 83,067 53,575 54,091 59,472 Net demand deposits 6,146, 508 5, 631, 543| 578357550" 1,232,542 i 1,198,0431,156,831 ,6,140,653 |6,035, 493 6,162,716 '5,650,6545, 622,990 5, 822,116 Time deposits—Total 1,564,324 l,_461,530_1,212,860 498,686 433,676 443,633 J5, C47,894 I, 963,2684,851,652 6,70JU074 6,660,257 6,816,921 States, counties, and municipalities 16,174 24,906 6, 638" 89,835 49,655 42, 592 ~ 319," 579 313,994 288,592" 145,091 147,009 138,732 Banks in United States 50,128 42,459 18,181 15,862 21,787 22, 706 38,400 32,472 32, 451 7,439 6,075 6,556 Banks in foreign countries.._ 183,979 144,193 61,409 21, 585 18, 549 6,301 17,879 12, 787 8,542 671 1,256 Other time deposits Evidenced by savings pass books. 641,737 635, 675 638, 948 166, 953 164,567 198,892 3,773,169 3,745,429 j 3, 782,812 5,095,6625, 080,362 5,213,711 Certificates of deposit 106,700 101,136 69, 001 62, 477 53, 925 47, 245 478,376 439,147 ! 399,172 jl, 213,9511, 217,107 1, 229, 716 Open accounts, Christmas savings accounts, etc 548,009 494,360 400, 885 139,028 122,408 124,266 378,469 377,968 ; 300,058 167,173 144,782 171,767 Postal savings 17,597 18,801 17,798 2, 946 2, 785 1,631 42, 022 41,471 40,025 | 71,087 64, 922 55,183 Bills payable and rediscounts—Total 11M74 359,994 2^300 _52,975 _60,579_ 6_8,80_2_i 359,647 _258,717 235,999 With Federal reserve banks—Bills payable 42,100" 1,965 "325,189 50 32,650" 28,243 187538 i 206,796 "777483"" 84,656 174,133 Rediscounts— 1,248 750 4,867 18,825 13,644 14,321 1 122,490 111,162 85,844 144,441 All other—Bills payable 72,300 36, 675 19,274 2,250 1,500 17, 905 35,711 i 30,072 64,984 60,125 98,730 Rediscounts 26 100 10,664 787 232 5,088 5,374 8,446 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS—CONDITION ON JUNE 30, 1930, BY FEDERAL RESERVE DISTRICTS [Amounts in thousands of dollars] Federal Reserve District San Boston Chicago St. Louis; Francisco RESOURCES Loans (including overdrafts) _i25, 213, 770 ,835,784; 8,S 656 1, 335, 504 888, 456 791,083 3,682, 206 910,055 652,873 108, 862 United States Government securities I 4, 061, 395 244,4711 1,4 299: 448,274: 130, 574 117,470 474,851 102, 266 127,33: 508, 403 Other securities . 0,380,494 511,383' 2,C 247 695, 255! 180,450! 150,646 776, 350 276, 256 89,582 492,171 Total loans and investments 35,655,659: , 591,638 12,3 202?, 479,033 1204,480 1 059,199 4 933,407 288,577 869, 792 3,109,436 Customers' liability on account of acceptances ! 928,807. 86, 359 698 19, 716; 7,381 10, 264 78,728 1,042 2,0511 52, 392 Banking house, furniture, and fixtures • 1,217,963 72,155 115 149, 555i 61, 657 58, 573 177,814 40,195 46, 695' 113,368 Other real estate owned 190,995 7, 674 812 29, 200' 15, 447 14,118 23,512 12, 616 9, 657' 16.825 Cash in vault 484, 262' 36, 008 141 55, 735 23, 739 25, 821 74, 532 20, 438 20,287 41,859 Reserve with Federal reserve banks 2,407,960 146, 052; 488 190, 633 65, 085 62,122! 347, 273 79, 528 59,744 191,479 Items with Federal reserve banks in process of collection 836.4711 61,482! 0831 72, 050 33, 878 19,101 77, 023 30, 402 21,135 27. 078 Due from banks in United States 2, 360, 377 102,186! 895; 206,853 104, 047 134, 558 379,340 121,828 169,743j 319,718 Due from banks in foreign countries (including own branches) 220, 793 28, 899j 365' 2, 773 j 493 1,471 8,059 567 613! 12, 052 Exchanges for clearing house and other checks on local banks 2, 645, 057, 60,582 2,1 648 51,863; 18,161 15, 702 119,687 18, 205| 12,126! 75, 850 I Outside checks and other cash items ' 118,552! 5, 366 938: 10,807: 3, 031 7, 285 18,002 3, 963 3, 4131 23, 308 Redemption fund and due from United States Treasurer 32, 658: 2,241 444' 3, 914! 2, 515 2, 325 4,487 1,606 2,276 3,149 Acceptances of other banks and bills of exchange or drafts sold with F indorsement 557,748 29,386 454,650 3,404 11,807 1,091 12 2 49 11,290 Securities borrowed 26, 324 248 415 380: 8,989- 973 75 1,305 504 2,083 Other assets _ _ I 223, 114: 11,571 97,719! 21,873j 18,814 6,031 7,846 3,123 2,231 22, 877 i Total__ '47,906,740,3, 241,847J18,102, 6133, 335,444 4, 311, 742;1, 548,009 1, 417, 334 6,310, 659 1, 631, 815 1.133, 6881, 630, 509:1,220, 3164, 022, 764 I 2 Capital stock paid in.. .! 2,721,997 196, 662 930, 9531 181,843 233,994 107,666 102,845 373,13' 110,475 64, 390 93, 957 93,548 232, 527 Surplus. -' 28,70, 800 181, 529 1,238,701 373,969 293,367 83, 481 71,374 291, 966! 63, 440 35, 924 44, 469 47,860 144, 720 U Re n s d e i r v v i e d s e d fo r p r d o i f v it i s d — en n d e s t , contingencies, etc 9 1 5 8 0 2 , , 0 9 7 4 2 0 7 1 3 3 , ,1 4 3 6 3 5 ! 43 6 0 2 , , 1 5 3 5 9 1 8 1 3 5 , , 6 5 1 9 6 5 7 19 8 , ,2 7 6 9 6 8 2 7 8 , , 5 6 5 1 6 9 22 4 , , 0 57 2 9 3 8 3 8 3 , , 6 3 2 2 1 6 25 6 , ,1 2 8 7 0 6 1 ' 14 3 , , 1 9 7 2 9 4 ! ! 22 3 , , 8 3 4 5 0 0 ; ! 26 3 , , 4 6 7 6 9 9 5 1 5 0 , , 3 5 1 1 1 7 d D D Re u u s e e e r t t o o v e o F s t e f h o d e r e r r i a b n l t a e n r r e k e s s s e t r i , v n t e a U x b e n a s i n , t e k a d s n d S o ta t t h e e s r expense accrued and unpaid_ 8 1 3 4 4 1 6 8 , , , 9 6 2 5 6 0 6 0 6 i 17 1 3 7 4 , , , 1 3 0 2 4 5 2 3 7 1,41 5 1 2 1 4 , , , 7 6 0 5 2 3 3 2 8 : 207 7 7 , , , 1 6 2 3 9 9 0 31 1 3 4 3 , , , 8 6 5 2 6 8 3 2 3 110 4 5 , , , 7 5 5 8 4 2 0 9 8 11 4 2 1 , , , 0 4 8 1 9 5 7 0 1 5 2 6 3 9 3 , , , 0 7 1 8 4 9 4 2 2 151 3 , , 7 7 4 5 1 4 "16 4 6 , , 7 0 0 6 2 5; 227 3 , , 0 5 5 2 9 7 2 5 ! ; 112 2 1 , , , 9 3 7 9 4 9 3 8 9 : ; , 346 7 , , 9 2 8 0 2 1 0 7 0 F D Ce u r e t if to ie d b a a n n k d s o in ff i f c o e r r e s i ' g n c h c e o c u ks n t o ri u e t s s t ( a i n n d c i lu n d g ing own branches) 4 57 9 1 3 , ,4 7 3 6 7 6 1 | ' j 2 2 1 3 , , 3 3 7 8 0 1 ! j 1, 4 2 9 39 4 , , 57 95 1 3 : ' 17 3 , ,4 5 0 2 0 1 33 3 , ,5 5 2 3 5 2 ! : 13,6 8 3 69 3 8 3 , , 4 74 9 8 6 2 5 4 8 , , 5 2 7 3 6 7 15, 4 6 9 5 9 4 ! 9 1, , 0 5 7 4 7 8 15,8 3 2 1 5 3 11 1 , , 7 2 8 7 7 9 ; : 4 1 5 6 , , 8 5 7 3 8 1 t1 Cash letters of credit and travelers' checks outstanding 41,389' 1, 765! 27, 684 252 5,401 130 79| 3,077 145 20 239 41' 2,556 Demand deposits 061, 977 : 308,812' 7,137,1571, 126, 401 444, 550i 505, 762 515,112 2,378,331 623,628 414,449 787, 944 599,106 1,220, 725 Time deposits 811,978; 998,159 3,481.780,1, 132,217jl 673,804 564, 034 445, 648 2,157, 546 525,763 •449,190 377,995 241,207,1,764,635 United States deposits 280,769! 23, 334: 93,937| 24,259 24,496 21,807 24, 759 17,219 7,159! 2, 400 4,550 14, 654' 22,195 Agreements to repurchase U. S. Government or other securities Bi s l o ls l d p . ayable and rediscounts: 37,164! 2,260; 15,623 2,894 3, 616| 3,254 1,207 4,237 1,732 224' 440 90: lib With Federal reserve banks 273, 880i i 18,1131 83,164 30, 780 29,958! 21, 208 24,774 17, 261 15,317 3, 865: 11,418 9, 6021 8,330 Acce A p l t l a o n t c h e e s r of other banks and bills of exchange or drafts sold with 161,090! i | 1 11,571; 82,897 14,181 9, 530| 7,498 7, 2401 9, 556 9, 620; 776 1,388 3, 510| 3,323 indorsement __ 557,748!: 29, 386: 454, 650, 3,404 11,807 1,091 830: 44,566 661 2 49 11,290 Acceptances executed for customers 925, 576! I 88, 566j 638, 779 19,051 19,864 7,371 13, 582 80, 362 1,044 407 26 2,348 54,176 Acceptances executed by other banks for account of reporting banks 3-1,998 1,626 26, 619 4, 561 49i 132 466 320 2 7 770 National-bank notes outstanding 649, 0981 44, 554 88, 506 55, 008 77,836 50,133 46, 300| 89, 215 32,043 26, 4931 31,823 44, 692 62,495 Securities borrowed. __ . 26, 324! 248 415 8,989 973 1, 759j 2, 695 6, ~"~ 75 1,305 504 2,083 Other liabilities. 226,915 9, 391 96,121 j 23,338 6,846 1, 935 3, 555 40, 393| 30, 585 1,961 1,951 1,849 8,990 Total- _. '47, 906, 740| 3, 241,847,18,102, 613 3, 335,444J4, 311, 742 1, 548, 009 1,417, 334!6, 310, 65911, 631,815 1,133, 688,1, 630, 509 1, 220, 316'4,022, 764 Number of banks. 8,315;! 401 923 756! 781 486 409 1,135 552 664 890 719 599 c o CD Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
ALL MEMBER BANKS LOANS, INVESTMENTS, DEPOSITS, AND BORROWINGS ON JUNE 30, 1930, BY DISTRICTS OS lAmourits in thousands of dollars] o Federal Reserve District Total Boston Y N o ew rk d P e h lp il h a i - a Atlanta Chicago L S ou t. is M ap i o n l n is e- K C an it s y as Dallas Fra S n a c n isco Loans-Total 125,213,^770 M35,784 8,913,656 1 , 456 791,083:3,682,206 910,055 516,070! 749,875 652,873 2,108,862 Acceptances payable in United States ! " 169,678 j 361 144,105 381' 2, 905 433 337" "l, 208 4,029' "147833 Bills, acceptances, etc., payable in foreign countries , 78, 221 j| 3,035 29,916 2,328! 19 655 853 249 13 1,061 9,175 Commercial paper bought in open market j 500, 599., 95,084 69,100 12,191! 108, 764 44, 095 21, 328 28, 918 8, 204 42, 308 Loans to banks—On securities - : 230,166 ! 12,794 79,883 4, 424' 57, 296 9, 257 1,069 3, 994 716 3,692 Allother__ , 305,141 13,715 120,042 28,127! 24, 217 24, 224 7,315 23,630 10,580 Loans on securities, exclusive of loans to banks—Total 110,425, 353! 749,375:4 718, 914 971,925! 259,351 199,554 1,461,077 298,176 130,7341 149,454! 130,320 =4,023 To brokers and dealers in New York ' 2,364,735;, 94, 78311,959, 084 15,192 69,735 13,091 19,468j 118,695 21,061 11,Q56| 11,130 13, 349 18,091 To brokers and dealers elsewhere : 818,834! 101,9851 94,031 88,648 78,147 17, 960 17, 892! 277, 521 32,234| 8,656 9,216 6,071 80, 473 To Others... j 7,211,784'! 552, 607!2, 759, 335 615,074 824,043 228, 300 162,19411,064,861 244,881! 111.,,002222 :129,108 110, 900 439, 459 Real estate loans—On farm land-- ' 386,036 8,217 12,941 13,984 30, 504 17,191 24,500: 80,187 26, 474 25,712! 21,405 17, 728 107,193 On other real estate 2,769,202 269,914 545,192 225,611 400,145 51,072 52,718, 475,450 99, 960 20,91l| 21,648, 22,078 524, 503 All other loans (including overdrafts) \U),3UK 3)4' 083,2893,100,027 771, 842 823, 465 521, 445 466, 83Q.!1, 452, 655406, 583 308,415) 499,599; 4,58, 157 850, 977 Loans eligible for rediscount with Federal reserve banks ; 3,904,903 229,645;!, 096, 224; 253, 586 237,517 191,961 190,200: 570,820' 199,531; 179, 398J 250,202; 218, 977j 280, 841 United States Government securities—Total jl70«17395 j 214,4711,405,299j 195,507 448,274 130,574 117,470! 474,851 102,266, 134,^89 272,654 127,337 508,403 Bonds- \ 3,339,834; 207,359' 1,172,927; 165, 683 414,913 101, 089 " 94, 9281 "344, 8131 82, 950 113", 321136, 302 95,732 "409,811 Treasury notes ; 462,924 \ 22,178! 111,146' 23, 459 20, 557 13,670 11,923 114,4721 11,988; 15,937 32, 740. 20,425 58,429 Certificates of indebtedness I 254,404 I 14, 934 120, 640 6,365 6,804 15,813 10,619| 14,269 7,108: 5,004 3,415: 10, 792 38, 581 Allother j 4,233 586'. 2 1,2971 154| 27 197! 388 1, 582 Other securities—Total X38M91 511,383 2,066^247, 688,365 .695,255 185,450 150,646 776, 3501276,256;J207052 228, 737 89,582 492,171 Domestic securities—Total I 5,"691.85(j 445,4961,838_,_312. 608,833 611,652 1667617_138,"936 " 699, OOOl252, 524!189,79' "209, 937:" 446, 680 State, county, and municipal bonds • 1, 232,040 35, 3601 310, 926"" 58,"999 " 90, 833 27, 939 43,173 172, 060| 67, 472i"49, 004 "93,052" 28,782 254,440 Railroad bonds- 914,037 69,839; 398,865' 141,013 106,269 21, 262 12,150 60, 314 25, 606| 27,426 18,281 3,647 29,365 Other public-service corporation bonds , 1,047,687 147,218; 301,821 164, 281 101,301' 27, 703 13,752 135, 986 40, 459; 36, 987 16,680 5, 230 56, 269 AH other bonds ! 1,340,789 100,266: 397,832 134, 371 191, 7331 52,089 40, 066 173,729 59, 213: 55,190 39, 282 23, 754 73, 264 Stock of Federal reserve banks 169,505 11,822! 65,494 16,658 15,819 5, 795 5, 297 20,139 5,234 3,054 4, 296 4,335 11,562 Stock of other corporations 565,417 54,899' 271,973 55, 302 59, 640 18,665 17,875 17,939 40, 661 1,553 12,481: 6, 414 8.015 d Collateral trust and other corporation notes :• 180,936 13, 584| 56,863 31,48^ 35,933! 9,722 1,815 16,503 4, 683 3,915 2,241 2,038 2,152 F Municipal warrants ] 170,575 8,410; 17,551 1,614 5, 770J 497 2, 302J 81,010 6,011, 10,301 19, 356; 7,803 9. 950 F Allother 70,804 4,098, 10,987 _ 5,108 4, 3541 _ 2^945 2, 506i 21,320 3,1851 2, 367 4, 268:_2,063 1,663 Foreign securities—Total I 088, 044 " 05,887 J227,935J_797532 83,603;"18,833 77,350: 23, 732 30, 255 18,800:" 5,516 45,491 Government bonds i "346, 219 " 30,168 ~ 110,6261 37, 402 "40,260! 876471" 6, 076] 40, 923, 12,828 14,563 "10,563" 3,230 30,933 Other foreign securities I 342^25 _ 35,719 117,309| 42,130 43,343 10,186 5, 634! 36,4271 10,904 15,692 8, 237 2, 286 14,558 Demand deposits—Total J1MI61, 977 I 30S,812j7,137,157jl,126,401 1 515,112 2,378,331; 623, 628 414,449 7S7,944! 599,106 1,220, 725 Individual deposits subject to check 15,9307369 203, 83416, 450,7201,006,432 1 423,416 2,110, 713, 532, 404: "309, 943 632, 283: 504, 074 1,004, 707 Certificates of deposit 198,041 14,535i 43,004' 5, 834 4,532 29,735! 18,400 13,508 25,567: 10,956 10,580 State, county, and municipal deposits _• 1,568,470 69,581! 388,104 98,749 80,250: 226,479! 68,458! 88,670 126,303: 81,272 131,716 Allother 365,097 20. 862 255. 329 15,386 6,920 11,404' 4,360! 2,328 3,791 i 2,204 13,722 Net demand deposits 19,170,357 1,351,005 7,569,405 1,171, 732 1,573,530 525, 070 530, 534 2, 595. 900. 009, 377! 420, 089295, 010 609,685 1,321.678 Time deposits—Total 13,811,978 998,159 3,481,78011,132,217 1, 673,804 445,648,2,157,546; 525, 78*; J49,190377,995 241,207 1,764,635 States, counties, and municipalities 570,079 7, 736i 59, 298 11,744 25, 0311 111, 909| 21, 263: M23 22, 728 •'" 24, 529-~ "198, 957 Banks in United States.-. 111,829 1, 585: 52, 820 1,498 2,051 20,251 2,602 7,500 58; 956! 16,473 Banks in foreign countries 224,114 17,829, 184,636 12: 2911, 5AS* 52'. Other time deposits— i Evidenced by savings pass books 9,677,521 756. 010| 2, 336,148 874, 050 1, 305, 342' 418, 645:287, 2461, 421, 660 284,297! 203,243 182,199! 107,458 1,381,223 Certificates of deposit ! 1,801,504 1361322 221,883 145,178! 199,147| 90,422 80,511| 381,434 192,704! 145,372 116,654! 3G,053! 103,704 Open accounts, Christmas savings accounts, etc I 1,232,679 71,556 606,679 90,722i 94,915: 20,082 28,292 180,959 18,729' 7,495 37,478J 7,109| 50,063 Postal savings.- ; 13:^652 7,121 20.316 3.025i 6.292: 3,897 10,505 13,748: 0,050' 19,157 18,878! 5,102 13,555 Bills payable and rediscounts—Total 4347970 _29,684j 166,061 44,961| 39,488 28, 706 32,014! 2fi, 817, 24,937 _M41 12,806! 13,202, 11,653 With Federal reserve banks—Bills payable ; 147,826 ""77676 " 69,310J 76,279' "20,151. 0,924!"~3,"8i5' 8,180; 7,450 4811' ~2,019j 2,317; 3,224 Rediscounts j 126,054 70,437 13,854 14,501; 9,807 H, 284 20,959, 9,08l) 7,867: 3,384' 9,399, 7, 375. 5,lOfi All other—Bills payable 155,189 11,336 82,527 13,229 8,630. 7,089' 0,994: 8,308! 9,146; 724' 1,1493,226 2,831 Rediscounts 5,901 235 3' 952 900 409 246 1,248. 474 52 239 284 49? Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
FEDERAL RESERVE DISTRICTS N. DAK, | 9 \ MINN. | MINNEAPOLIS S. DAK. i 11 BOUNDARIES OF FEDERAL RESERVE DISTRICTS ——BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES ® FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1930, August 31). Federal Reserve Bulletin, 1930-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_193009
@misc{wtfs_bulletin_193009,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1930-09},
year = {1930},
month = {Aug},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_193009},
note = {Retrieved via When the Fed Speaks corpus}
}